Lawsuit: Quest Net Board of Directors Authorizes Its Attorneys to File Lawsuit for Unfair Business Practices and Breach of Contract Against PSINet; Damages May Exceed $39,000,000 – Company Business and Marketing
Quest Net Corp.’s (OTC BB:QNET) Board of Directors has authorized its attorneys to file a lawsuit for Unfair Business Practices and Breach of Contract against PSINet Inc. (Nasdaq:PSIX).
Quest had signed a 3 year contract for a DS-3 with PSINet back on July 17, 1998, for the installation of a T-3 (45 Mbps) frame relay service. According to Quest Net management, the agreement would have helped to maintain Quest Net’s lead as one of the largest bandwidth regional Internet Service Providers in the State of Florida. Quest Net had fulfilled all of its obligations under the contract, but PSINet interrupted Internet routing and traffic service despite the account being current and elected to change certain clauses without written notice. Attempts by Quest Net to involve PSINet senior management in resolving this matter before pursuing litigation were not successful. Quest Net’s actions are necessary to protect the rights of its shareholders as certain contracts with its customers may now be affected. Management and the attorneys for Quest Net strongly believe that they will prevail in this action.
Based in Fort Lauderdale, Fla., Quest Net (OTC BB:QNET) operates its own OC-12 (622Mbps) fiber optic self-healing SMARTRing backbone leased from BellSouth (NYSE:BLS) running from Key West to Sebastian, Fla. Quest Net is a provider of secure, full-service global Internet and Intranet broadband digital networking solutions for businesses and individuals. It also has its own Frame Relay 45Mbps connection into the Internet Cloud.
It also offers dedicated high-speed Internet access, metropolitan and wide area network data transport services, including virtual private networks, to several commercial clients and other ISPs, and Wireless Internet Connection at a speed of up to 3 Mbps to a distance of 8 miles on a license free spectrum. Quest Net offers one of the fastest and cleanest routing systems for the transfer and delivery of voice, video and data streams at speeds ranging from 64 Kbps to 155 Mbps (OC-3), as well as frame relay connections at speeds up to 45 Mbps.
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