Metrobridge Oversubscribes Second Finance Round19 July 2005
MetroBridge Networks Corporation, the largest broadband wireless access provider in Southwestern British Columbia, has successfully completed its second round of financing. Led by BC Advantage
Funds (VCC) Ltd. again, the round was oversubscribed as investors were
impressed with MetroBridge's market traction and leadership in the sector. The
placement attracted well-known funds such as the Okanagan Innovation Fund and
WUTIF.
The new funding will be allocated to key initiatives that are expected to
greatly expand sales and increase the company's urban coverage to over 10,000
square kilometres by September. These initiatives include growing its high
quality network to completely cover Southwestern B.C.; continuing its rollout
of pre-WiMAX equipment to ensure it stays at the forefront of the coming
wireless industry standard; and launching into the U.S. by establishing
services in three new cities by the end of 2005.
"The revolution is coming and MetroBridge is at the head of the pack.
Internet connectivity as we know it now will not exist in the near future,"
says Dorian Banks, COO/CTO of MetroBridge. "The whole broadband industry is
about to go through a complete upheaval with the coming WiMAX standard and
we're ready for it. We've got the vision and the experience to go full
throttle."
MetroBridge's next financing, due to start in August, will provide
capital to further fuel its expansion into other urban centres across North
America. The company now has over 500 customers in British Columbia, including
HY Louie, Intrawest, Harmony Airways, Washington Marine Group, Mr. Lube and
Nature's Path.
About MetroBridge Networks
Vancouver-based MetroBridge Networks Corporation is a privately held
company that delivers broadband wireless access using the latest technologies.
Its redundant microwave network provides connections up to 100 Mbps in its
whole coverage area, and up to 1 Gbps in the urban core. MetroBridge was
created from the merger of the area's two premier broadband wireless
providers, Universco and AirCelerator, last winter. Earlier this year, it
became the first Canadian broadband wireless access provider to be accepted
into the prestigious WiMAX Forum. To learn more, please visit
About BC Advantage and the BC Tech Fund
BC Advantage Funds offers British Columbians the opportunity to
participate in returns from some of the province's most promising young
technology and life science companies. Investors receive a 30-per-cent
refundable tax credit from the B.C. government on annual investments up to
$200,000. The BC Tech Fund, managed by Dr. Basil Peters, is Advantage's first
technology fund. To learn more, please visit
For further information: Brigitta Shore - Media Relations, MetroBridge
Networks Corporation, (604) 729-9479; Ray Matthews, BC Advantage,
(604) 818-7778, ray@bcadvantagefunds.com
Source: NewsWire
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