Additional funding brings total investment in 2004 to more than $10 million
Toronto, October 18, 2004
TeraGo Networks Inc., Canada's leading fixed wireless broadband company, has secured its second round of financing this year, $2.5 million in equity financing from First Ontario Fund, and launches service in its fifteenth Canadian city, Edmonton, Alberta.
"TeraGo is one step away from completing Canada's first national fixed wireless network," said Bryan Boyd, President and CEO of TeraGo Networks. "We've already demonstrated our leadership in bringing Canadian businesses cost-effective, high-performing Internet and data communications solutions, and our rapid expansion into new markets like Edmonton is being driven by demand for our service."
TeraGo first launched service in Calgary in 2000 where the company's engineering, development and operations are headquartered. In the four years since, TeraGo has introduced service in Barrie, London, Markham, Mississauga, Oakville, Richmond Hill, St. Catharines, Toronto, Vaughan, Windsor, Winnipeg, Victoria and Kelowna. Now TeraGo is completing the Edmonton network covering 20,000 businesses and planning for more expansion in the months ahead.
"We want to invest in companies showing steady, long-term growth that are meeting a significant need in the market," said Philip Neukom, Vice-President, First Ontario Fund. "Through fixed wireless broadband, TeraGo is responding to a significant demand from Canadian businesses for more and more broadband. The solid business model and proven track record supported by an experienced management team make TeraGo an excellent investment opportunity for us."
First Ontario Fund joins TeraGo's sophisticated group of institutional investors including Dolphin Equity Partners, Dynamic Ventures Opportunities Fund, Ontario Municipal Employees Retirement System (OMERS) and Orix Venture Finance. Together they bring TeraGo a total investment to date of almost $50 million.
About TeraGo Networks Inc.
TeraGo Networks Inc. (www.terago.ca) is Canada's leading fixed wireless broadband provider to businesses and other organizations. Owning and managing its own network, TeraGo Networks uses state-of-the-art broadband technologies for cost-effective, high performance Internet access, data services, Web hosting and e-mail solutions. TeraGo Networks currently operates in British Columbia, Alberta, Manitoba, and Ontario. TeraGo's corporate headquarters are based in Toronto, with engineering, development and operations in Calgary.
For further information please contact:
Director of Marketing