Xplornet Receives $125 Million in Additional Private Investment
Press release: WOODSTOCK, NB – Xplornet Communications Inc. is pleased to announce that it has successfully completed a $125 million private financing. This additional funding, a combination of debt and equity raised from its existing investors, is an endorsement of Xplornet’s rural broadband strategy and the company’s strong execution. The proceeds from this financing will be used to accelerate the deployment of Xplornet’s national 4G network and to expand network capacity to meet the growing consumer demand for bandwidth.
John Maduri, Xplornet’s Chief Executive Officer commented that: “Xplornet is solving the broadband access divide in rural Canada, and doing so largely with private capital. This new $125 million in financing, following on the $230 million we raised last year, will help ensure that Xplornet has the resources necessary to continue our aggressive growth, and position us for continued success as one of Canada’s leading telecommunications companies.”
This financing follows Xplornet’s recent accomplishments including: being the first Canadian telecommunications company to announce a national 4G network, the acquisition of 100% of the Canadian capacity on both new 4G satellites – ViaSat-1 launched in October and EchoStar XVII (formerly Jupiter) to be launched this summer, and numerous successful P3 initiatives to speed the development of broadband networks in targeted regions across Canada.
About Xplornet Communications Inc.
Headquartered in Woodstock, New Brunswick, Xplornet Communications 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. For additional information, please visit www.xplornet.com.