A sister company of Transcommunications is buying the remaining assets of PNV for $5.5 million.
Purchaser TTI Holdings is a subsidiary of Transcom Technologies, as is the better known Transcommunications Inc., which provides communications products and services to the transportation industry such as Transcard, CabCard, and Transfunds.
The deal, approved by the bankruptcy court, includes substantially all the assets of PNV, except for the company's web portal, www.pnv.com. PNV is still in negotiations on the sale of the site, and expects to be able to announce a buyer in the next few weeks.
PNV, which shut down its popular phone, Internet and cable access services in late December shortly after declaring bankruptcy, has fallen a long way since its November 1999 IPO of 3.6 million shares, which at $17 per share meant a market capitalization of more than $60 million. According to a source at PNV, the $5.5 million price tag on the sale is less than the amount PNV paid for its agreement with AOL in April last year that gave PNV the "PNV" keyword on the popular Internet provider's web site.
TTI will put a priority on bringing PNV's services back to life. Many truckers have been left without Internet access since the company ceased offering services more than a month ago, and many truckstop operators were left in the dark and dealing with irate PNV customers.
Purchaser TTI Holdings is a subsidiary of Transcom Technologies, as is the better known Transcommunications Inc., which provides communications products and services to the transportation industry such as Transcard, CabCard, and Transfunds.
The deal, approved by the bankruptcy court, includes substantially all the assets of PNV, except for the company's web portal, www.pnv.com. PNV is still in negotiations on the sale of the site, and expects to be able to announce a buyer in the next few weeks.
PNV, which shut down its popular phone, Internet and cable access services in late December shortly after declaring bankruptcy, has fallen a long way since its November 1999 IPO of 3.6 million shares, which at $17 per share meant a market capitalization of more than $60 million. According to a source at PNV, the $5.5 million price tag on the sale is less than the amount PNV paid for its agreement with AOL in April last year that gave PNV the "PNV" keyword on the popular Internet provider's web site.
TTI will put a priority on bringing PNV's services back to life. Many truckers have been left without Internet access since the company ceased offering services more than a month ago, and many truckstop operators were left in the dark and dealing with irate PNV customers.
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