Vector Goes From Oil & Gas to Dot-Com
Vector Energy Corp., created just over a year ago through oil
and gas asset acquisitions, is leaving drill bits behind in favor
of dot-coms and ISPs. "Nobody cares about oil and gas," said Vector
Founder and President Sam Skipper. Over the next several years
Vector will be either divesting its oil and gas properties or
merging them into another company, he said. Meanwhile it's heading
for Internet territory, with a letter of intent to acquire one
publicly-held Internet Service Provider (ISP) and promises of an
agreement with another with 8,000 subscribers.
Skipper said he has additional ISPs in view and will soon be
announcing a joint venture for a dot-com start-up. "We have the
investment banking expertise, the cash flow and the public
company." His new partner will have the technical expertise on the
Internet. "We're going to develop a company to interact directly
with ISPs, a dot-com type service."
Questioned, Skipper said his shareholders would be happy with
Vector Energy's new direction. "The shareholders aren't getting any
value for the assets they have now." He said since he got into the
energy business in May 1998 "prices have been horrible. Nobody's
interested at all." The company's stock closed at 1 and 5/16 in the
Over the Counter market Thursday. Its 52-week range is 5/8 to 3 and
1/8. Prior to energy, Skipper said prior to starting up Vector he
had been involved in the health care field.
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