Press Releases
SOURCE: DH Capital, LLC

WINBEAM ACQUIRES THE WESTERN PENNSYLVANIA DIAL-UP ASSETS OF CHARTER COMMUNICATIONS

NEW YORK, NY - July 15, 2002 - WinBeam, an Altoona, Pennsylvania based Internet service provider, has acquired the western Pennsylvania dial-up assets of Charter Communications (Nasdaq: CHTR). DH Capital, LLC represented the seller. The transaction covers over 12,000 residential Internet subscribers.

"We are pleased to have represented Charter Communications in this successful effort to sell their non-strategic dial up Internet operations in western Pennsylvania. Despite the challenging environment, DH Capital was able to run a process which included numerous prospective buyers and led to a highly successful outcome" said Peter Hopper, Principal of DH Capital, LLC.

Stephen John, VP of Charter Business Networks commented, "We are very pleased to have completed this transaction involving our non-strategic dial-up ISP operations. DH Capital's unique understanding of these assets and the ISP sector in general was instrumental in this successful sale to WinBeam."

"While the ISP sector has seen a significant shake-out over the past 18 months a number of well run companies continue to grow revenue and cash-flow" said Dean Mann, Principal of DH Capital, LLC. "Valuations in the sector are compelling and consistent with our research, we believe this current consolidation will yield a number of highly profitable survivors."

About DH Capital, LLC
DH Capital is a private investment banking partnership serving the media, Internet and telecommunications industries. The firm capitalizes on more than seventy years of combined experience in financing, acquiring, selling and operating companies. DH Capital specializes in providing a full range of advisory services to companies and financial institutions including private placements, mergers & acquisitions, financial restructuring, and operational consulting. The principals of DH Capital have led hundreds of transactions including M&A totaling in excess of $10 billion, private equity placements totaling more than $700 million, and debt placements totaling in excess of $7 billion.

For additional information on DH Capital, please contact us at 212-698-7990.