<font> Omnicity Corp. provides broadband access, including advanced services of voice, video and data, in un-served and underserved small and rural markets. The company aims to be the premier consolidator of rural market broadband nationwide. Leveraging management expertise, Omnicity’s strategy is to provide a total broadband solution and continue rapid growth through acquisitions, organic growth and partnerships with Rural Electric Municipal Cooperatives and Rural Telephone Companies. </font>
<font> The company’s target markets are locations better suited to wireless transmissions than traditional hard-wire operators. It has been estimated that at least 40 million rural and small market homes, businesses, government agencies and schools have inadequate high-speed Internet service, representing a large growth opportunity. </font>
<font> Building a nationwide wireless network, Omnicity will be able to deliver high-speed Internet access to rural subscribers more cost-effectively than traditional cable or fiber optic models since hard-wire systems are generally much more expensive to build than wireless networks. Reduced network development costs means lower infrastructure costs per subscriber for wireless operators as compared to comparably-sized traditional hardwire fiber-optic systems. </font>
<font> Omnicity is led by an experienced broadband operations team with extensive wireless broadband/ISP expertise as well as the capability to consolidate large numbers of businesses through a strategic roll-up strategy. Over the next five years, the company projects a growing customer base of 170,000 subscribers, increasing margins and growing revenues of nearly $87 million. </font>
Omnicity Corp.’s (OMCY.OB) $25M Investment will Create New Jobs, Opportunities for Rushville, Indiana
Executives from Omnicity Corp., an Indiana-based broadband and communications provider, were joined by Governor Mitch Daniels in August as the company announced it would expand its operations in Indiana, thereby creating about 100 new jobs by 2010.
Omnicity currently employs 38 associates across its four Indiana facilities, and plans to invest $2.5 million into wireless infrastructure and expansion of its corporate operations. The company will hire customer service specialists, managers and field service personnel in order to meet growing demand for new fiber optic construction contracts.
“Omnicity’s new jobs and investment are a boost for Rush County. The expansion means more technology is reaching our rural areas, which makes them even more attractive for jobs and growth,” said Governor Daniels.
According to the press release, since the creation of the Indiana Economic Development Corporation in 2005, more than 85 companies have located or expanded their headquarters in Indiana to generate more than 16,000 new headquarters jobs and more than $1 billion in new capital investment. To continue its dedication to the community, the Indiana Economic Development Corp. offered Omnicity up to $25,000 in training grants, and will provide Rushville with an $110,000 grant to assist in further improvements.
“We believe we are at the perfect place with the perfect plan at the perfect time in our efforts to reach all of the rural areas with broadband services that are much needed for economic development, education, healthcare and smart-grid technology. Our investment in Indiana makes this an exciting time for us,” said Greg Jarman, CEO of Omnicity.
Omnicity began offering its wireless data, video and voice services to rural Indiana markets in 2003 and has established partnerships with local governments and rural electric cooperatives to serve its nearly 6,000 subscribers across the state.
“The City of Rushville is pleased to have Omnicity locate their headquarters here and create new opportunities for the community. These quality jobs, in today’s economy, speak highly of Omnicity and we are proud to have them in our community,” said Rushville Mayor Merv Bostic.
Omnicity Corp. (OMCY.OB) Secures First State Contract with Indiana DNR
Yesterday, Omnicity Corp. announced that it had been awarded its first contract to provide broadband services to the State of Indiana. The company was the winning bidder in an RFP to provide services for the Department of Natural Resources (DNR) with the State of Indiana. Omnicity was the winning bidder and the contract was announced this week for Omnicity to provide the essential services at the Mississinewa Lake and Miami State Recreation Area.
Omnicity continues to progress with its business model to deliver broadband services to rural America. Providing services to the DNR demonstrates that its model is being accepted on a statewide basis. Covering much of the rural historical area in north central Indiana, Mississinewa Lake is a 12,000 acre reservoir. It was built to control flooding and provide recreation in the form of boating, fishing, camping and picnicking. The Company will install its Cisco’s Broadband Wireless Access (BWX) WiMAX antennas and base stations (Tie-in to Omnicity’s overall RFP and grant applications totaling $31m).
Greg Jarman, CEO of Omnicity, stated, “We look forward to providing our services to the DNR and proving that our model works for rural state park facilities statewide and even nationwide. Our team is experienced and understands the importance of what this contract means to the state park and to the local community that surrounds the park.”
He continued, “Omnicity will install its Cisco equipment inside the state park and will provide services to visitors, campers and staff of the DNR as well as the rural communities that surround the park. We believe that providing high speed internet services to campers and employees of state parks in extreme rural environments such as this is great exposure for Omnicity to its core target market and we are very pleased to have been chosen above all others by the State of Indiana to provide these services.”
Omnicity Corp. (OMCY.OB) Signs Comprehensive Satellite Internet Delivery Agreement; Leaves No Home Behind
Yesterday after the closing bell, Omnicity Corp. announced that it has signed an agreement with StarBand Communications Inc., a leading international satellite internet service provider. Through StarBand, the company will offer satellite high speed internet service in markets throughout the United States. Omnicity will rebrand this service as Omnicity Satellite Internet Services, intending to offer it to households that may not be able to receive Omnicity’s wireless internet or DSL services.
Planning to immediately launch this rebranded satellite service in all its markets, Omnicity will have a high speed internet solution for virtually every household in its markets. Omnicity Satellite Internet Services will be a value oriented service available for residential, small office/home office (SOHO) and small businesses. The addition of satellite high speed Internet enables the company to cover more areas, consequently increasing subscription revenues.
“We have people who call in on a daily basis that we can’t reach yet with our wireless and DSL coverage areas. With our new satellite capabilities, we can cover just about everybody,” stated Greg Jarman, CEO of Omnicity. Omnicity currently covers more than 20,000 square miles with its wireless coverage and can provide 38 states with DSL services. Our satellite service will more than triple the Omnicity coverage of marketable homes and Omnicity will add its satellite coverage capabilities in its application during the second round of the American Recovery and Reinvestment Act of 2009 to bring the Internet to all of rural America.”
Mr. Jarman added, “By having some method to deliver high speed internet service to virtually every home in our service areas, either wireless, DSL, and now Omnicity Satellite Internet Services, we truly can strive for exceptionally high market penetrations and an outstanding branded Omnicity presence. This translates to higher revenue and cash flow per home passed through existing Omnicity assets and, of course, into great long-term value for our shareholders. We are very excited to have consummated this satellite delivery deal and to begin marketing Omnicity Satellite Internet Services alongside our wireless and DSL options.”
Omnicity Corp. (OMCY.OB) Aggressively Seeking to Power Rural Areas with Broadband and Communications Services
Omnicity Corp. is an Indiana-based, wireless broadband service provider taking steps to initiate and execute its business mission to become the leading provider of rural telecommunications for communities, businesses and residences throughout the United States.
The company’s services include cost-effective high-speed Internet access, advanced communications solutions through a variety of package options. Omnicity also offers computer repair services such as anti-virus program installation, data backup, virus removal and repairs, new computer setup, home personal computer repair and more.
The company envisions bridging the “digital divide” by offering broadband access to underserved areas to promote job growth, economic development and civic participation. To execute this strategy, the company seeks expansion through acquisition and organic growth, as well as through established partnerships with rural electric municipal cooperatives and rural telephone companies.
Omnicity currently serves businesses and consumers in more than 30 counties in Indiana. To ensure quality service and customer satisfaction, the company’s technology requires it to conduct free survey sites to determine acceptable signal levels in its coverage areas.
The company relies on its seasoned management team with years of combined wireless broadband/SP expertise to guide it through expansion efforts. This team also has experience in the consolidation of a large numbers of businesses through the company’s roll-up strategy, boosting expansion and partnership opportunities.
Omnicity Corp. (OMCY.OB) Brings the Web to Rural America
Omnicity Corp. hopes to do with the Internet what was done with electricity in the 1930s. Specifically, they hope to bring all of the benefits and capabilities of the Web to rural areas not currently served with broadband access. The goal is to build a nationwide wireless network that is able to deliver high-speed Internet access to rural subscribers in a more cost-effective way than traditional cable or fiber optic models.
Currently, only 38% of rural households have broadband connections, versus 57% of urban homes and 60% of suburban homes. Most homes in rural areas cannot receive cable television or broadband. Even DSL rarely extends beyond the city limits. And traditional dial-up service is simply to slow to run many of the Web’s newest programs.
All of this greatly limits the ability of this segment of the population to participate in what is rapidly becoming the most important communication revolution in modern history. Of perhaps greatest concern is the inability of many rural communities to realize the economic benefits made available by the Web. Small business, like all business, is increasingly dependent upon the Internet to reach their market. Opportunities for web-based businesses in rural communities are significant, but are almost totally dependent upon broadband access.
Just as the electrification of rural America in the 20s and 30s transformed living standards, broadband could open up a world of economic and personal benefits for large areas of the country. But, as with electrification, the costs of providing service to a relatively small and diverse population has been a problem. It simply costs too much to lay a cable just to serve a few households.
But Omnicity plans to change all that using advanced wireless network technology. Wireless technology greatly reduces costs, making service possible to areas previously out of reach. The company’s strategy is to provide a total broadband solution, including voice, video, and data, in unserved and underserved markets, growing through acquisitions and partnerships with Rural Electric Municipal Cooperatives and Rural Telephone Companies.
With over 40 million rural and small homes and businesses having inadequate Internet service, the potential for growth is clear. Over the next 5 years, Omnicity projects a customer base of 170,000 subscribers, and revenues of nearly $87 million.
Omnicity Corp. (OMCY.OB) Signs LOI for Acquisition
Omnicity Corp announced that it’s continuing to move forward with its plan to become the premier consolidator in the WISP industry by signing a Letter of Intent with the wireless division of Solutions Unlimited, Inc. (”SUI”) of New Castle, Indiana. Doing business as “Midwest WISP”, SUI is only one of the next several acquisitions Omnicity plans to announce during the current quarter.
Greg Jarman, CEO of Omnicity, stated, “We are pleased to have worked out a great deal for both Midwest WISP and Omnicity and look forward to bringing their subscribers and infrastructure into the fold. This acquisition adds another important set of assets and an ongoing local marketing presence to our eastern border.”
Over the past six months, Omnicity has more than doubled its subscriber base and revenue, and anticipates doubling its intake again by the end of the year.
Michael Dinkins, President of SUI commented, “The timing is perfect for us to turn over our fixed wireless assets to Omnicity and we have full confidence in their ability to deliver on their business model. We believe in their plan so much that we have chosen to move our assets into an equity investment in Omnicity.”
SUI began operations in 1994 selling computers, network services, dial-up Internet and, in 2003, added high speed fixed wireless services. SUI will continue to sell Omnicity services from their storefront location in New Castle, Indiana as the first step in the Omnicity reseller channel. SUI maintains network services for small and medium businesses in Central Indiana and will market Omnicity services to its clients.
Omnicity Corp., known for bringing broadband communication service to underserved rural areas, has signed an agreement that will more than triple its coverage of marketable homes. The agreement is with leading international satellite Internet service provider StarBand Communications Inc., and allows Omnicity to offer StarBand satellite high speed Internet service coverage to areas throughout the U.S. not currently able to receive Omnicity’s wireless Internet or DSL services.
The new service will be rebranded as Omnicity Satellite Internet Services, and means Omnicity will have a high speed Internet solution for virtually every household in its markets. The service will be available for residential, small office/home office, and small business customers, and secures Omnicity’s position as the key player in the rural broadband service industry.
Omnicity CEO, Greg Jarman, commented on the importance of the agreement. “We have people who call in on a daily basis that we can’t reach yet with our wireless and DSL coverage areas. With our new satellite capabilities, we can cover just about everybody. By having some method to deliver high speed internet service to virtually every home in our service areas, either wireless, DSL, and now Omnicity Satellite Internet Services, we truly can strive for exceptionally high market penetrations and an outstanding branded Omnicity presence. This translates to higher revenue and cash flow per home passed through existing Omnicity assets and, of course, into great long-term value for our shareholders. We are very excited to have consummated this satellite delivery deal and to begin marketing Omnicity Satellite Internet Services alongside our wireless and DSL options.”
Omnicity plans to add the new satellite coverage during the second round of the American Recover and Reinvestment Act of 2009 to bring the Internet to all of rural America. The company’s strategy is to continue its rapid growth through acquisitions and organic growth, and to continue to partner with Rural Electric Membership Co-ops and Rural Telephone Companies.
Omnicity Corp. (OMCY.OB) Announces Approval for Electronic Trading
Omnicity Corp. announced this morning that upon filing its 10K Annual Report, the company’s stock has been approved for electronic trading over GlobeNet’s Bullet-X transparent electronic trading platform utilizing Pink Link, the leading trade negotiation and execution service for the OTC market. Transforming the OTC trading process, Pink Link is now used by hundreds of market makers and agency brokers.
Pink Link brings order and execution report message delivery across Pink OTC Markets’ OTC Dealer service or via a FIX 4.1 connection. The execution service will also allow market makers and agency brokers to send market makers order messages to communicate with each other instantly. Pink Link electronically executes, negotiates or declines the orders through an execution report message that is sent back through the service.
Greg Jarman, CEO of Omnicity, stated, “We’re very pleased to have graduated from the telephonic system to Pink Link’s electronic trading. Many brokers who want to execute trades for their clients were somewhat discouraged with the telephonic trading system of the OTC because of low execution response times and a low fill rate. Now these brokers can execute trades electronically which should increase our market liquidity for our shareholders.”
Omnicity Corp. (OMCY.OB) Reports Substantial Increase in Subscribers; Record Revenue
Omnicity Corp, the Midwest’s largest fixed Wireless Internet Service Provider (WISP), yesterday announced after the closing bell its financial results for the fourth quarter 2009.
The company highlighted the following impressive results:
– Q4 09 revenues increased 89% to $611,000 compared to Q4 08 revenues of $322,000
– Q4 09 revenues increased 44% compared to Q3 09 revenue of $425,000 (Q3 09 – 46% increase over Q2 09)
– Successfully expanded its subscriber base to 5,200 subscribers
– The Company expects revenues in excess of $650,000 for Q1 2010
Revenues for the year ended July 31, 2009 increased 63% to $1,689,000, while revenue for the fourth quarter alone increased by $288,000 to $611,000, an increase of 89%. This significant growth reflects an increase in recurring service revenue from the company’s four asset acquisitions; ND Wave, ForePoint Networks, North Central Communications and Cue Connex. As a result of these acquisitions, the number of subscribers increased from 1,800 to 5,200.
Greg Jarman, CEO of Omnicity, stated, “We are very pleased with our financial results and growth during the fourth quarter. Our goal is to maintain double digit growth each and every quarter during fiscal 2010. This certainly paves the way for our growth strategy and we expect to be operationally cash flow positive by the end of January 31, 2010 (Q2 2010). We have 7 acquisitions in various stages of closure including the recently announced Midwest WISP Letter of Intent. We expect to close on each of these acquisitions by the end of Q2 2010.”
Jarman continued, “The financial impact of these acquisitions should be that Omnicity will be cash flow positive, which is a major milestone and well ahead of our original projections when we went public 8 months ago. We expect these acquisitions, along with stepped up organic growth, will positively impact our Company’s valuation in the public market. Notably, we are also in contention to win a $16.2 million bid to build fiber optic services for rural hospitals across the State of Indiana, being an applicant for $31 million in such projects overall.”
Omnicity Corp. (OMCY.OB) Issues Corporate Update to Investor Community
Omnicity Corp., the Midwest’s largest and fastest growing fixed Wireless Internet Service Provider, yesterday updated the investment community with a formal corporate update summarizing the milestones achieved and the status of Omnicity’s aggressive fiscal 2010 growth plan through acquisitions and organic growth.
David Bradford, Chief Operating Officer of Omnicity, stated, “In the first 8 months, since completing our public listing, we proved our acquisition model works very well. We have completed five acquisitions and integrated them into Omnicity operations very smoothly. All these acquisitions were highly accretive, coming over with high operating margins, and some of them yielded high quality employees as well.”
Mr. Bradford continued, “We have a number of additional acquisitions in various stages of closure, with more to follow, and expect to close and integrate them with the same fine results. These acquisitions alone, combined with an aggressive set of sales and marketing campaigns, should put us well in excess of 11,000 subscribers and annualized running rate revenue of well over $5 million by the end of the next fiscal year.”
Omnicity’s plan of operations through its 2010 fiscal year includes:
* completing further debt and equity offerings of $5,000,000 and building
current ratio of 1.5:1 by December 31, 2009;
* completing several acquisitions to double subscribers to over
11,000 and doubling revenue to $1,300,000 per quarter;
* developing and expanding, through organic growth, the subscriber base
through its sales and marketing program;
* acquiring and transitioning into its operations assets of competing WISP
operators and expanding its network into all of Midwest USA;
* reaching operationally cash flow positive and building a liquidity floor
under operations of $100,000 minimum by December 31, 2009;
* continuing to partner with Rural Electric Membership Cooperatives
“REMCs”, local and State governments, Rural Telcos and Original
Equipment Manufacturers “OEMs” to efficiently and cost effectively
expand our network across rural America;
* developing and expanding service offerings to become a total
broadband solution; and
* completing a further staged equity offering of $10,000,000 by
July 31, 2010 followed by an application to list on a senior stock
exchange.
Omnicity Corp., the Midwest’s biggest fixed Wireless Internet Service Provider (WISP), recently bolstered its position as a WISP consolidator by signing a Letter of Intent with the wireless division of Solutions Unlimited (SUI), of New Castle, Indiana. SUI (doing business as Midwest WISP) is seen as just one of several acquisitions Omnicity is expected to announce during Q4 of 2009 as it makes its way towards becoming the premier consolidator of the WISP industry.
Omnicity CEO, Greg Jarman, commented on the value of the move. “We are pleased to have worked out a great deal for both Midwest WISP and Omnicity and look forward to bringing their subscribers and infrastructure into the fold. This acquisition adds another important set of assets and an ongoing local marketing presence to our eastern border.”
SUI president, Michael Dinkins, added: “The timing is perfect for us to turn over our fixed wireless assets to Omnicity and we have full confidence in their ability to deliver on their business model. We believe in their plan so much that we have chosen to move our assets into an equity investment in Omnicity.”
SUI will continue to sell Omnicity services from their storefront location in New Castle, as the first element in the Omnicity planned reseller channel. SUI maintains network services for small and medium businesses in Central Indiana and will market Omnicity services to its clients.
In just the past 6 months, Omnicity has more than doubled its subscriber base and revenue. The company further expects to double again by the end of the year. Omnicity plans to be the first broadband service to expand its network across rural America, providing services to areas currently underserved. The company partners with Rural Electric Membership Co-ops and Rural Telephone Companies, and recently signed an agreement with leading international satellite Internet service provider StarBand Communications Inc., allowing Omnicity to offer StarBand satellite high speed Internet service coverage to areas throughout the U.S. not currently able to receive Omnicity’s wireless Internet or DSL services.
Omnicity Corp. (OMCY.OB) Sees Clear Path to Rapid Growth
Omnicity Corp wants to be rural America’s premier telecommunications and broadband Internet Service Provider. The company has developed a business model that has proven successful in thousands of rural Indiana homes, providing high-speed Internet service on a mass basis at a lower cost and more efficiently than wire or fiber optic solutions. With this model in hand, Omnicity is now growing rapidly through acquisitions with the goal of capturing the underserved and unserved rural and small town markets throughout America.
The majority of rural homes do not yet have access to broadband service. Cable is often unavailable, and DSL service is usually limited to urban/suburban areas. Traditional dialup service is simply no longer a viable solution, due to the growing audio/video content of the Web. Omnicity estimates that there are currently over 40 million homes, businesses, and other users in the rural U.S. that do not yet have adequate Internet service, representing a major growth opportunity for the company.
This growth is also expected to be fueled by the federal government’s strong support for the expansion of broadband, which recognizes that high-speed Internet service is now critical to a community’s potential for economic growth. A key part of this is the American Recovery and Reinvestment Act of 2009, providing $7 billion for broadband expansion, $2.7 billion of which is to be dedicated to rural areas.
Using advanced wireless technology, Omnicity is confident that they can reach those underserved markets at a lower cost than any of its competitors, providing voice, video, and data. Through acquisitions and partnerships, Omnicity projects a customer base of 170,000 subscribers over the next 5 years, generating revenues of approximately $87 million. In addition, the company expects to further spur growth through new services and products developed by its own R&D efforts.
Omnicity Corp. (OMCY.OB) to Accelerate Its Acquisition Strategy with $1.17 Million Financing Agreement
Omnicity Corp, the Midwest’s largest and fastest growing fixed Wireless Internet Service Provider, today after the closing bell announced the closure of $1,170,000 in financing. This capital will be used to complete several asset purchase agreements in various stages of closure, assisting Omnicity in the furthering of its mission to bring broadband to the Heartland of rural America.
Greg Jarman, CEO of Omnicity, stated, “This financing allows us to accelerate our growth strategy and allows us to close on our acquisitions quickly. These acquisitions, combined with an aggressive set of sales and marketing campaigns, should more than double our subscribers, our network infrastructure and revenues. Subject to these acquisitions closing, it will be the second time we have doubled our business in the first year since going public.”
Omnicity Corp. (OMCY.OB) Developing Major Partnerships/Acquisitions
Omnicity Corp, the Midwest’s largest fixed Wireless Internet Service Provider (WISP), recently announced an agreement with Cisco Systems (Nasdaq: CSCO) to display wireless broadband service throughout its network. Omnicity CEO, Greg Jarman, said, “There are only a few carrier-grade WiMAX vendors out there today, and we are excited to have chosen Cisco as our strategic equipment supplier. Having selected a vendor, we can now turn our attention to spectrum holders across the country.”
The recent announcement represents just one of several new deals signed up over the past few months, including acquisitions in Omnicity’s home state of Indiana:
• Acquisition of NDWave, Inc., Alexandria, IN
• Acquisition of North Central Communications, Peru, IN
• Acquisition of Forepoint Networks, Lafayette, IN
• Acquisition of Moreland Wireless, Henry County, IN
The above acquisitions have already given Omnicity over 3,000 new customers, resulting in a total subscriber base of over 5,000. In addition, the company partners with Rural Electric Municipal Cooperatives and Rural Telephone Companies, representing tens of millions of member-owners throughout the U.S.
Omnicity’s growth is reflected in the most recent financials, released October 27th, where the company announced an 89% jump in Q4 09 revenues, compared to the same quarter last year, and representing a 44% increase over Q3 09 revenues. Moreover, the company expects revenues to increase again in the coming quarter.
But all of this pales in comparison with Omnicity’s planned growth over the next several years, largely through acquisitions. The company expects both its customer base and revenues to grow by a factor of over 30.
Omnicity Corp. (OMCY.OB) Riding the Broadband Wave
Omnicity Corp., known for bringing wireless broadband services to rural America, is on top of one of the biggest waves in telecommunications, the rapid expansion of broadband services outside of the traditional urban and suburban base areas.
It goes without saying that the communications industry is the nervous system of today’s economy, generating global annual revenues of nearly $2 trillion. North America remains the largest telecommunications market, with revenues of over $½ trillion. Much of this, of course, is due to the continued growth of the Internet. Worldwide, there are now nearly 1½ billion Internet users. Data-intensive Internet applications such as Voice-over-Internet Protocol (VoIP) and video are key drivers in the telecommunication industry’s growth, providing increased demand for high-speed broadband capabilities.
The number of broadband connections is increasing rapidly as vendors and consumers require the ability to share large files, download music and games, and provide video or VoIP services. It is estimated that the total number of broadband lines in the 40 largest broadband countries will grow to over 600 million by 2013. However, growth in most of the richer countries is slowing, as service approaches saturation. According to Gartner Group, by 2012, broadband will be found in 25% of households worldwide, but the five top countries will have broadband penetration already exceeding 60%.
In less developed countries, however, there is still tremendous room for growth, and the number of broadband connections is expected to grow 10 times as fast as the more developed markets. Larger countries, like China and India, have already gone through a rapid initial growth phase, but are still expanding. China is forecasted to become the largest broadband country, with 153 million broadband lines, versus 117 million in the U.S. In addition, India and Brazil are expected to enter the top ten countries, with Russia as number 11. In the meantime, the demand for broadband in underserved areas in developed countries is also accelerating. Right now, the dominant fixed broadband technology is DSL, which controls 66% of the market.
Omnicity, as the Midwest’s largest fixed Wireless Internet Service Provider (WISP), sees the unserved and underserved areas of the U.S. as America’s next boom market for telecommunications. The company is already growing rapidly, largely through acquisitions, but still has a huge way to go. Most recently they announced an 89% jump in Q4 09 revenues compared to the same quarter 08. Omnicity expects both its customer base and revenues to grow by a factor of 30 over the next several years.
Omnicity Corp. provides broadband access – including advanced voice, video and data services – to under-served and un-served small and rural markets. The company is the Midwest’s largest and fastest growing fixed wireless internet service provider.
The company issued a corporate update summarizing the status of Omnicity’s business growth plan for fiscal year 2010 several weeks ago. The company stated they will continue to partner with rural electric membership cooperatives (REMCs) and rural telecom companies along with state and local governments in order to expand their network across rural America. Omnicity also pledged to expand their service offerings and become a total broadband solution.
Omnicity believes it will reach operational cash flow positive and build a liquidity floor under operations of $100,000 minimum by December 31, 2009. With regard to specific numbers for fiscal 2010, the company said they would continue to follow their basic business plan and complete several acquisitions which would double their subscribers to over 11,000 and double their revenue to $1.3 million per quarter.
David Bradford, COO of Omnicity, summarized, “We have a number of additional acquisitions in various stages of closure…these acquisitions alone, combined with an aggressive set of sales and marketing campaigns, should put us well in excess of 11,000 subscribers and annualized running rate revenue of well over $5 million by the end of the next fiscal year.”
Omnicity Corp. (OMCY.OB) Announces Addition of New Board Member
Omnicity Corp., the Midwest’s largest and fastest growing fixed Wireless Internet Service Provider, announced today after the closing bell that it has added Mr. Richard H. Reahard to its Board of Directors.
Earning his BS in Business Administration from Indiana University in 1971 and his MBA from Butler University in 1975, Mr. Reahard is a Carmel, Indiana businessman. Mr. Reahard was President of Telecom Resource, Inc. from 1993 to December 31, 2004. His background over the last 35 years is in sales and marketing.
Richard Beltzhoover, Chairman of the Board of Omnicity, stated, “Rick has been a substantial investor and supporter of Omnicity since his first investment in 2008. In addition, Rick has been a long time business associate and will be a welcome addition as an independent member of our Board of Directors.”
Greg Jarman, CEO of Omnicity, commented, “Rick is a very knowledgeable and trusted advisor to our management group and I am very excited about his willingness to participate on our Board.”
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