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Public Network increases kiosk holdings

February 19, 2002

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LONDON - Two English companies with interests in the Internet and kiosks are joining forces. Internet access provider Public Network PLC has acquired a subsidiary of Internet kiosk provider Yava Ltd. in a cash-and-stock swap that will give Yava an 8 percent stake in Public Network.

Under the terms of the deal, announced on Dec. 20, Public Network will pay Yava about $220,000 and issue more than two million shares of stock to the company in return for the assets of Yava-held Pinco 1696 Ltd.

Pinco, which was incorporated in October, is currently a holding company for Yava's kiosk interests. Pinco has purchased 775 new and used Internet kiosks from its parent company since its inception.

Public Network's primary goal is to provide Internet and e-mail access through a series of coin-operated public access kiosks. In August, the company disclosed that it had about 300 such kiosks in use throughout the United Kingdom.