January 4, 2011
Rural broadband gets new $55 million boost
Private investment drives continued growth
Barrett Xplore Inc., provider of Xplornet Internet services, is pleased to announce that it has secured a series of private investment arrangements that will allow it to move aggressively to build Canada's first national fourth-generation broadband network. Barrett will create a robust 4G broadband network covering all of rural Canada by combining a new 4G WiMAX network of roughly 1200 towers with a new satellite network using two new 4G satellites. Totaling $55 million, the new investment consists of $30 million from existing investors and $25 million in new equity investment. Among the new investors are Catalyst Investors and Werklund Capital Corporation.
"The range and size of these investments are a clear endorsement of the Barrett Xplore Inc. mission, business model and vision of making Canada an international rural broadband leader" said John Maduri, CEO of Barrett Xplore Inc. "This investment allows us to finish the job we started: to bring affordable, robust broadband to every rural Canadian."
The deployment of the 4G terrestrial-wireless deployment began this month in Quebec. Two 4th generation satellites will be launched; one in 2011 and the second in 2012.
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