March 1, 2002 -- Broadview Networks, a network-based electronically integrated communications provider (e-ICP), announced that it has signed a Letter of Intent (LOI) with Network Plus Corp, the Randolph-based communications provider that filed a voluntary petition with bankruptcy court in Delaware this month.

The LOI outlines the business terms under which Broadview Networks wants to purchase all of the assets of Network Plus.

"Our intent is to acquire Network Plus `lock, stock and barrel:' its customers, employees and network," said Vern Kennedy, Broadview Networks president and CEO. "We hope to retain the employees currently there and to hire back many who have been let go, especially from the sales team. We also intend to make the transition for Network Plus customers to Broadview Networks as free of disruption as possible."

Kennedy added that the company has secured commitments for substantial investment from its existing pool of investors to fund the transaction.

"Broadview Networks is a very successful competitor with a solid track record for quality service," said Network Plus executive vice president and COO, James C. Crowley. "They are in a strong position to preserve the continuity of service to our customers, which is our top priority at this time." This transaction is subject to higher and better offers, customary due diligence, regulatory approval and approval by the bankruptcy court.

Kennedy noted that "Broadview Networks still has to prevail at the auction. Although the LOI is non-binding, we firmly believe that our offer is a win-win for the two companies and in the customers' best interest."

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