WOODSTOCK - Barrett Xplore Inc. of
Woodstock, N.B. - Canada's largest and fastest growing wireless
broadband service provider - has completed a major financing
agreement with Sandler Capital Management, New York, that will
revolutionize high-speed Internet access for unserved and
underserved markets across Canada.
"This new financing - at $30 million (Canadian), one of the
largest private equity placements in the Canadian communications
sector in the past several years - will enable Barrett Xplore to
continue our growth in high-speed wireless ISP services through
aggressive development of our Xplornet brand," said Bill Barrett,
Chairman. "Our focus is to establish Canada's first wireless
broadband network for all homes and businesses in rural, remote and
First Nations communities, as well as suburban areas, anywhere in
Canada."
"We are very excited about our partnership with Barrett Xplore,"
said David Powers, Managing Director, Sandler Capital Management.
"The company has established an impressive track record of bringing
consumer-focused technology-related products to underserved markets
through its nationwide deployment of satellite video across Canada.
In recent years, the company has built on this success by
developing an impressive expertise in satellite and fixed wireless
broadband service deployment. The new equity financing will
facilitate the rollout of the company's broadband services through
its unparalleled dealer network across unserved and underserved
communities in Canada. Its unique broadband offering is
complemented by an outstanding entrepreneurial team that will make
Barrett Xplore an even more significant enterprise in the years to
come."
"Our vision is for Xplornet to be Canada's leading wireless ISP
able to bring high-speed Internet solutions to Canadians no matter
where they live," said Barrett. "To help us meet our goal, we have
recently signed a significant equipment contract with
Motorola."
"This multi-million dollar contract is the result of many months
of hard work between both our companies. We are excited about being
able to supply Barrett Xplore with technology that provides
high-speed fixed wireless broadband connectivity," said Tony
Kobrinetz, Vice President and General Manager of Motorola's Canopy
Wireless Broadband Group.
With the new financing, Barrett Xplore will accelerate its
rollout of the first fixed wireless high-speed Internet service
that provides cost-effective, top quality broadband access to
underserved areas nationwide. The company also recently announced
the Canadian launch of Tachyon, the first high-speed carrier-grade
satellite network designed for small-to-medium sized business and
government operations.
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About Barrett Xplore
Barrett Xplore Inc. - through its Xplornet brand - is Canada's
largest and fastest growing wireless broadband service provider.
Through a combination of industry leading technology, superior
high-speed service delivery and best in class customer service,
Xplornet will bring the advantages of broadband connectivity to
underserved businesses and residences across Canada, no matter
where they are located. Additionally, Barrett Xplore has built a
strong platform in the sales and distribution of consumer
electronics products and accessories for leading brands such as
Star Choice, Philips and Fellowes. Barrett Xplore is a privately
held company owned by Barrett Corporation of Woodstock, New
Brunswick and Sandler Capital Management, New York. For more
information, please visit www.xplornet.com andhttp://www.barrettxplore.com
AboutSandler Capital
Management
Sandler Capital Management, a registered Investment Advisor, has
managed both hedge funds and private equity funds since 1980 and
1989, respectively. The firm has $1.5 billion in combined assets
under management and uninvested commitments (including
approximately $150 million of uninvested committed capital for new
private equity investments). Sandler's private equity effort
focuses on three core industry sectors: traditional media,
telecommunications/data communications, and enterprise
communications. Within its areas of industry expertise, Sandler
employs a multi-stage investment strategy. Sandler's investment
professionals have over 200 years of combined experience as
research analysts, portfolio managers, financial advisors,
investment bankers, and private equity investors. For more
information on Sandler Capital, please visit http://www.sandlercap.com