Nettel terminates $10 million equity line from Cornell

By Sheri Kasprzak

Atlanta, May 31 - Nettel Holdings Inc. said it has cancelled a $10 million standby equity distribution agreement with Cornell Capital Partners LP.

The equity line had been received Sept. 28, 2004 and allowed Cornell to buy shares of Nettel at 98% of the lowest volume weighted average price of Nettel's stock for five trading days after the notice of a draw.

According to a statement from Nettel, the company made the decision to terminate the agreement because it was "for the best interest of both Nettel and its shareholders."

Based in Portland, Ore., Nettel is a holding company for telecommunications and software concerns.

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