Financing lays foundation for national expansion
Toronto, ON, July 26, 2004
TeraGo Networks, Canada's leading fixed wireless broadband provider, today announces that it has secured an additional $8.5 million CAD in financing bringing the total raised for the company to $46 million CAD in four years. Investors include Dolphin Equity Partners, Dynamic Ventures Opportunities Fund, Ontario Municipal Employees Retirement System (OMERS) and ORIX Venture Finance.
"With this investment TeraGo is poised to leverage an already strong position in the Canadian market and will continue to meet the needs of businesses with aggressive growth across the country," said Bryan Boyd, president and CEO of TeraGo Networks.
"TeraGo's solid management team, its competitive advantage, and year over year revenue growth make for a strong investment opportunity," said William Bishop, Principal of ORIX Venture Finance. "TeraGo's current success is quite a feat, yet it has been accomplished in a competitive industry that has experienced sizeable downturn."
TeraGo first launched wireless broadband in Calgary in 1999. Since that time, TeraGo has had steady growth and success in the business market, having launched in fifteen Canadian cities. As a facilities-based carrier, TeraGo owns and manages its own network meaning customers benefit from speedy installation, maintenance and upgrades. Also, because TeraGo's fixed wireless broadband is a diverse medium that is completely separate from traditional wireline connections, it provides 'true' redundancy.
"Since we've launched we've had more than 50 per cent revenue growth year over year," said Gerry O'Reilly, CFO of TeraGo Networks. "Our steadily increasing sales and the fact we've regularly surpassed our projections makes us attractive to investors."
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 operations & IT based in Calgary.
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