RENO, Nevada, Aug. 11, 2005 (PRIMEZONE) -- MidNet, Inc. (OTCBB:MIDX), creator, owner and operator of The Middle Network(tm), announced today that it has negotiated new agreements with its primary telecommunications providers. As a result, MidNet expects to save approximately 50% in network overhead costs beginning this month.
Follow-up negotiations are expected to see these new rate structures applied to network infrastructure outside of the U.S. and Canada, as MidNet expands The Middle Network(tm) to other countries. These significant reductions in monthly costs form a key part of the Company's strategy to roll out The Middle Network(tm) in support of its video-based communications initiative.
According to Tilo Kunz, MidNet's president and CEO, "I'm very pleased we've been able to reduce overheads to coincide with our expansion plans. As we build out The Middle Network(tm) to take advantage of the growth of video-based communications, these infrastructure savings will aid us in reaching our goal of sustainable profitability."
About MidNet, Inc.
MidNet is the creator, owner, and operator of The Middle Network(tm), a commercial complement to the Internet. The Middle Network(tm) provides high-speed, high-capacity private digital connectivity to organizations and individuals who wish to create, manage and distribute valuable intellectual properties, and communicate more effectively.
Forward Looking Statements
The statements made in this press release are forward-looking and are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, the ability of MidNet or the company to execute effectively its business plan, changes in the market for MidNet's proposed network services, changes in stock and business market activity, realization of anticipated customers, seasonality, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), systems failures, economic and political conditions, changes in customer behavior and the introduction of competing products having technological and/or other advantages. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. The company assumes no obligation to update information concerning its expectations.
For more information about MidNet Inc., please visit www.midnetinc.com or call 1-800-624-1066