Montreal, Canada, September 20, 2007 --(PR.com
)-- OmniGlobe Networks, Inc. today announced that it has received a total of $3 million in financing from the Bank of Montreal (BMO), the Business Development Bank of Canada (BDC), and FIER CPVC Montreal L.P. OmniGlobe is a global telecommunications company that provides affordable satellite and WiMAX broadband Internet and VoIP services to geographic regions around the world where terrestrial telecommunications are unavailable, unreliable, or too expensive. The financing will be used to expand the company’s operational capabilities in the Canadian marketplace, as well as develop new opportunities in the Middle East and North Africa.
“The key to our growth strategy is developing new and innovative ways to reduce the cost of satellite bandwidth to improve our value proposition for our customers,” said OmniGlobe Network’s CEO, Jason Neale. “This round of funding is a vote of confidence that validates this strategy, as well as the market potential for global broadband Internet and VoIP services that are affordable and universally accessible.”
“OmniGlobe is a perfect example of the type of technology enterprise which the BDC targets for investment,” said Susan McIntosh, Manager, Subordinate Financing, BDC Investment Group. “They’ve already demonstrated significant achievements in the marketplace with their novel solutions and innovative technologies, and we see a great potential for OmniGlobe to secure a position as a leading provider of community-based high speed Internet solutions for remote communities.”
“The investment of FIER CPVC Montreal in OmniGlobe clearly demonstrates that FIER funds in Quebec can work hand-in-hand with traditional lenders to support the growth and development of small Quebec based companies,” said Alain Lambert, President and Chief Executive Officer of FIER CPVC – Montreal.
“We believe OmniGlobe has a solid business model of growing revenue through an innovative partnership approach, and we’re very pleased to support the company’s growth and success in the global marketplace,” explained the Innovation and Technology Centre team of BMO Bank of Montreal. “We’re also impressed with their foresight in identifying the growing global market’s need for wireless broadband solutions, and their capabilities to rapidly develop cutting-edge technologies and solutions that address it.”
BDC is a financial institution wholly owned by the Government of Canada. BDC actively supports the development and growth of Canadian small and medium-sized businesses through its complementary financial, investment and consulting solutions.
About FIER CPVC – Montreal L.P.
FIER CPVC – Montreal L.P. is a $15 million regional economic intervention fund (Fonds d’Intervention Economique Régional or FIER) created under the Investissement Quebec FIER program. It is managed by Alain Lambert, William Hess, Robert E. Brown, Robert A. Milton and Chahram Bolouri. The mandate of FIER CPVC – Montreal is to assist small and medium-sized companies mainly located in the greater Montreal region.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of more than $311 billion as at July 31, 2006, and more than 35,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. It is the second largest small business banker in Canada and one of the largest in North America.
About OmniGlobe Networks, Inc.
Based in Montréal, Canada, OmniGlobe Networks is a global telecommunications company that provides affordable cellular, wireless broadband Internet and VoIP services over satellite to geographic regions around the world where terrestrial telecommunications are unavailable, unreliable or just too expensive. Combining the most advanced cellular, satellite and wireless technologies with its own proprietary network management and bandwidth optimization techniques, OmniGlobe’s solution enables service providers and local operators to offer fast, reliable broadband Internet and cellular services to consumers and business customers. In partnership, OmniGlobe provides the network design, equipment, installation, and 24/7 monitoring; while local operators handle service agreements, first line customer support and billing. For more information, contact OmniGlobe at 6600 Trans-Canada Highway, Suite 750, Montreal, Québec, Canada, H9R-4S2, tel: +1 514-693-8949, email: email@example.com, or visit the company web site at www.omniglobenet.com.
OmniGlobe Networks, Inc.
Tel: (514) 693-8949, ext. 203