Barrett Xplore Finalizes Significant New Financing: $30 Million in Investment to Fuel Continued Growth
Woodstock, N.B. – Barrett Xplore Inc. is pleased to announce that it has finalized $30 million in new financing from existing shareholders and lenders to support its continued growth. Barrett Xplore Inc., through its Xplornet Internet Services brand, is Canada’s largest provider of rural broadband.
“This financing reflects the confidence of experienced investors in the continuing strength of our business model,” said John Maduri, CEO of Barrett Xplore Inc..
In the coming year, the company will be introducing new technologies and serving new markets. “Barrett has invested more than any other ISP in Canada in rural broadband technology and capacity, and that investment has and will continue to pay-off in material and well-managed growth,” said Maduri.
In 2011 and 2012, Barrett Xplore will deliver a leap-forward for rural broadband in Canada by providing service through two next-generation satellites. The satellites will allow the company to deliver a robust customer experience with packages as fast as 25Mbps.
About Barrett Xplore Inc.
Headquartered in Woodstock, New Brunswick, Barrett Xplore Inc. operates Xplornet Internet Services, Canada’s largest rural broadband provider, with customers and dealers in every province and territory. Barrett Xplore aims to bridge the urban/rural 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.