Talking Terms

iOnosphere, set up shop last July with a US$ 2.5 mn investment to provide high end internet services. A further US$ 1.5 mn was expected to come in during the next stage of the project.

rnrnAnura de Silva, iOnosphere
quote s CEO told Lanka Business Online that a number of local and foreign parties have expressed keen interest in the company.

rnrnldblquote We are looking for US$ 200,000 to US$ 500,000 based on equity,
dblquote de Silva said.

rnrnA decision on the company
quote s new owner is expected later this week, he added.

rnrniOnosphere Lanka, with its US counterparts was claimed to be one of the most sophisticated and modern IT communications providers in the region.

rnrnHowever, events including the September 11 attack in the US and the ongoing economic meltdown put a freeze on their regional investments.

rnrnThe situations forced the present management to look for investors rather than think of launching their services as scheduled.

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