MARKHAM, ON, May 24, 2011 /CNW/ - Xplornet Communications Inc. (formerly
Barrett Xplore Inc.), is pleased to announce that it has successfully
completed a $230 million private financing. One of the largest
Canadian telecom financing announcements this year, the funds will be
used to support and aggressively expand Xplornet's broadband network
across Canada to the 2.4 million households that do not have access to
real, affordable broadband. A start-up just 6 years ago, Xplornet is
now one of Canada's largest telecommunications companies.
"This is an investment in rural Canada that will be nothing less than
transformative," said Xplornet's Chief Executive Officer John Maduri.
"This will allow us to complete a job we started 6 years ago -bringing
affordable broadband to every Canadian who wants it, no matter where
they live. That is a monumental accomplishment in the telecom
industry. Not only is this a ringing endorsement of our business
model, it will permit an historic leap forward toward the full digital
engagement of rural Canadians."
This funding comes on the heels of Xplornet's recent announcement that
it had successfully started activating its new national 4G network.
The company, which by the end of 2012 will have a total of
approximately 1,000 towers, is deploying a 4G WiMAX network and two
next-generation 4G satellites. This network will allow Xplornet to
reach 100% of Canadians with fast, affordable broadband by the end of
2012. "Wireless is the future of digital telecommunications," said
Maduri, "and only Xplornet has invested this significantly in a hybrid
satellite and fixed wireless network for Canada. The fact that we can
reach anyone on the second largest country on Earth - despite all the
geographic and topographic difficulties - at an affordable price to
customers - proves that wireless is the answer to Canada's rural
The ability of Xplornet to secure a financing of this size reflects the
willingness of investors to bank on a market that is both large and
which has significant pent-up demand. Gerry O'Reilly, Chief Financial
Officer for Xplornet added, "This funding, which includes a very
attractive refinancing of some existing debt, will enable Xplornet's
continued aggressive growth in rural Canada, and position us for
continued success as one of Canada's leading telecommunications
About Xplornet Communications Inc.
Headquartered in Woodstock, New Brunswick, Xplornet Communications Inc.
(formerly Barrett Xplore Inc.) is Canada's largest rural broadband
provider, with customers and dealers in every province and territory.
Xplornet aims to bridge the urban/rural digital divide by ensuring that
every Canadian, regardless of where they live, has access to broadband,
thereby enabling them to compete effectively in the global economy and
gain access to essential government and educational services.
SOURCE Xplornet Communications Inc.
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