Upstart ISP Froggy has taken to the skies, and this time it's not just to scribble its name, according to ASIC (Australian Securities and Investment Commission) records obtained by ZDNet Australia.

In a deal financed by GE Capital, Froggy director Karl Suleman has signed over a tidy AU$4 million for two aircraft housed at Bankstown airport. While Sydney-siders have become used to the Froggy name in the skyline, the company's latest acquisitions are by no means suited to Suleman's penchant for sky-writing. The first, a lavish Cessna Citation 500 S/P Executive Jet Aircraft finished in grey leather velour, is designed to carry seven passengers in style. And in keeping with the executive theme, Suleman has had the second aircraft, a Swearingen SA226-TC Metro II, refitted to carry 9 passengers comfortably, rather than the 19 seats it initially bore.

The purchase of the aircraft may be an indication the company is planning to diversify into aircraft charter, adding to the myriad of business listings already under the Froggy name.

Froggy Holdings was registered with ASIC in May 2000, with an initial investment of AU$100,000 from a series of directors. Suleman then went on to register Froggy Mobiles, Froggy Records, Froggy 1 ISP, K. Solomon Enterprises, Froggy Television, Froggy Music and even Froggy Excavations.

Appearances could be deceiving, however, with his apparent commitment to the Froggy name broken when Suleman withdrew as director of Froggy Holdings in October last year. The directorship was transferred to Vivian Suleman, who held the position up until April this year, when Karl again took the helm.

Corporate aerobatics aside, the cut price ISP is apparently doing quite well, spending an estimated AU$16,000 each week filling the Sydney sky with puffy advertising. Add to this bus, taxi, and television promotions as well as sponsorship of Elton John's tour in April 2002, and you have a hefty marketing budget the likes of which hasn't been seen since the tech-wreck.

At the same time, the ISP manages to offer one of the cheapest connection rates around, covering the Sydney and Melbourne metropolitan areas, with unlimited access and downloads for just $17.95 per month. And, as long as you're not a high intensity gamer, the need to reconnect every four hours shouldn't be too much of a deterrent.

Although the Froggy call-centre workers are reportedly claiming to have the highest connection rate in the country, ZDNet Australia has been unable to find third party research to back up any such assertions.

While the Froggy offering has had good reviews from ZDNet Australia readers, the long-term sustainability of a model which depends so heavily on advertising is being questioned by industry pundits.

During the dot-com boom, companys were bought and sold on the basis of subscriber lists, however, given that Froggy signs up its users on a month-by-month contract, any potential buyer would be hard pressed to find the ongoing value proposition.

Also in question is the ISP's ability to sustain services at prices significantly below the industry average of about $24.95 for a comparable service. Complaints regarding the ISPs service levels have been pouring into www.shonkydeal.com since August, and accusations of inappropriate and even illegal funding sources have appeared on Google throughout the year.

Although ZDNet Australia made repeated attempts, over an extended period, to contact Froggy, the emerging ISP also appears deeply media shy. Media spokesperson and call-centre manager Anne Martin was unable to respond to either phone messages or emails. As a result, ZDNet Australia was unable to speak with the company whilst researching this article.

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