Corridor Communications Completes Acquisition of Broadband Wireless Assets
May 14 2004 - 9:38AM
PR Newswire (US)
Corridor Communications Completes Acquisition of Broadband Wireless
Assets Company will expand broadband wireless data services to
homes and businesses MOUNTAIN VIEW, Calif., May 14
/PRNewswire-FirstCall/ -- Corridor Communications Corporation.
(BULLETIN BOARD: CORR) . The Company has completed its acquisition
of the assets of Corridor Communication Corporation an Oregon
corporation. ("Corridor-Oregon") This acquisition, along with the
appointment of J. Michael Heil as the Company's new Chief Executive
Officer and as a member of the board of directors has launched the
Company into the broadband wireless Internet business. With the
purchase of Corridor-Oregon's assets the Company is strategically
positioned in Salem Oregon and the surrounding communities in which
it now owns established hot zones at carefully planned tower
locations from which most of the areas 70,000 homes can receive
service. The Company's new business model allows subscribers to
sign up and roam in an un-tethered environment connecting at WI-FI
Hotspot locations throughout the city with industry standard 2.4
GHz 802.11 wireless cards or adapter as well as being connected at
their home or office with the Company's installed customer premise
equipment. The Company is currently completing due diligence in
order to finalize the acquisition of Ashcreek Wireless and Quik
Internet of the Valley Inc. which are two local providers of
internet service that management believes will enhance the
Company's new business plan. "I am very pleased to have been able
to complete this first step in the development of our new WI-FI
business plan with the acquisition of Corridor- Oregon's assets,"
said Scott Mac Caughern, Chairman of Corridor Communications. "We
believe this acquisition has put our Company in a unique position
with its 5.7 GHz backbone and 2.4GHz access points. Our goal is to
provide ubiquitous connectivity throughout the wireless service
area and limit the amount of Company installed customer premise
equipment while growing the subscriber base. To facilitate that
model we have began to focus our access point/Hot zone deployment
to the nearly 18,000 residents that live in apartment complexes and
other Multiple Dwelling Units (MDU's) in the City of Salem," said
J. Michael Heil, Chief Executive Officer of the Company. About
Corridor Communications Headquartered in Mountain View, California
with Operations in Salem, Oregon, Corridor Communications, Inc. is
an integrated wireless Internet service provider (WISP) offering
high-speed Internet and data services, to residents and businesses.
The Company plans to implement a growth-through- acquisition
strategy by targeting small to mid size Dial Up Internet Service
Providers (ISP) in areas underserved by current broadband options.
The growth strategy will also focus on creating partnerships with
existing hot spot management companies while building company owned
hotspots to create ubiquitous coverage or "Hot Zones" that
encompass entire cities. Corridor's IP-Based technology supports
all hardware meeting Wi-Fi 802.11(x) standards operating in an
unlicensed spread spectrums (2.4 GHz and 5.7 GHz), and can be
deployed far less expensively than comparable copper and cable
technologies. The company also plans to leverage its network build
out for other services that may include voice and video. For more
information about Corridor Communications, please visit the
Company's web site at http://www.corridorcommunications.com/ "Safe
Harbor" statement under the Private Securities Litigation Reform
Act of 1995: This release contains forward-looking statements that
are subject to risks and uncertainties, including, but not limited
to, the impact of competitive products and pricing, product demand
and market acceptance, new product development, reliance on key
strategic alliances, availability of raw materials, the regulatory
environment, fluctuations in operating results and other risks
detailed from time to time in the company's filings with the
Securities and Exchange Commission. Our forward-looking statements
are based on currently available information which management has
assessed but which is dynamic and subject to rapid and even abrupt
change due to risks and uncertainties that affect our business,
including the unpredictability of future revenues and limited
visibility into future demand on which to base our forecasts; the
current uncertainty in our marketplace which may impact expected
demand, customer selection criteria and sales cycle; our ability to
execute on product deliverables and major customer contracts,
slower economic growth generally, slower adoption of broadband
technology, or cutbacks in information technology spending; and
factors beyond our control such as power outages or work stoppages
at key customers. CONTACT: Scott Mac Caughern of Corridor
Communications Corp., +1-650-961-5707, or smac@speedpalcom.
DATASOURCE: Corridor Communications CONTACT: Scott Mac Caughern of
Corridor Communications Corp., +1-650-961-5707, or smac@speedpalcom
Web site: http://www.corridorcommunications.com/
Copyright