Prospectus Summary
The following summary is qualified in its entirety by the more detailed information and financial statements, including the notes thereto, appearing elsewhere in this Prospectus. Investors should carefully consider the information set forth under "Risk Factors." Unless otherwise indicated, all information in this Prospectus assumes (i) no exercise of the Underwriters' over-allotment option, (ii) the issuance of 6,700,839 shares of common stock, $.01 par value (the "Common Stock"), upon the conversion (the "Preferred Stock Conversion") of all outstanding shares of the Company's Series A and Series B convertible preferred stock, $1.00 par value (collectively, the "Preferred Stock"), upon consummation of the offering of Common Stock made hereby (the "Offering"), (iii) the exercise of warrants to purchase 4,671,020 shares of Common Stock at an aggregate exercise price of approximately $685,000 concurrently with the Preferred Stock Conversion (the "Warrant Exercise"), (iv) reincorporation of the Company as a Delaware corporation and (v) the establishment of the Company's nationwide network backbone, which the Company expects to occur prior to June 30, 1996. All share totals stated herein reflect the Company's 505.26:1 stock split of March 1995 and the 10:1 stock split of August 1995. See "Glossary" for the definitions of certain terms and acronyms used herein.