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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.
Bruce Barr, CEO
Barrett Xplore Inc.
905-792-6057
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
and www.barrettxplore.com.
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.
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