Chapel Hill Brokers Acquired by APB Energy, Founder to Join Executive Team of Chapel Hill Broadband.Business Editors CHAPEL HILL, N.C.--(BUSINESS WIRE)--June 21, 2000 Chapel Hill Broadband a carrier-neutral broker of wholesale telecommunications, today announced that its affiliate, Chapel Hill Brokers, has been acquired by APB APB See Accounting Principles Board (APB). Energy, a leading broker in energy and energy related products. Henry Kaestner, who founded both Chapel Hill Brokers and Chapel Hill Broadband, will now join the executive team at Chapel Hill Broadband. Chapel Hill Broadband will continue to operate as an independent company. Kaestner founded Chapel Hill Brokers in 1997. At the time of sale, Chapel Hill Brokers' trading desk Trading Desk A desk where transactions for buying and selling securities occur. Trading desks can be found in most organizations (banks, finance companies, etc.) involved in trading investment instruments such as equities, fixed-income securities, futures, commodities and foreign averaged 150-200 transactions daily and $50 million in daily trade volume. It also recently received the distinguished ranking of No. 1 broker in US Electricity Options and No. 2 in Swaps by Energy & Power Risk Management magazine. In January 2000, Kaestner launched Chapel Hill Broadband along with Tom Hahn and Chapel Hill Broadband president, Brent Wilkins. Kaestner will continue to operate as Vice President of Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. and will lead Chapel Hill Broadband on its aggressive path towards becoming the leading broker of fiber optic capacity, as he did with Chapel Hill Brokers within the power industry. "I firmly believe that the potential in the broadband market is unparalleled. I am very excited about the team that we have put together here at Chapel Hill Broadband and the success that we have realized thus far," said Kaestner. "We have established ourselves as a leader in the brokering of large wholesale transactions and plan to continue our expansion both in the US and abroad." "Henry's vision and success in the power industry will take Chapel Hill Broadband a step closer towards the futures market futures market, a commodity exchange where contracts for the future delivery of grain, livestock, and precious metals are bought and sold. Speculation in futures serves to protect both the developers and the users of the commodities from unfavorable and unpredictable ," said Wilkins, Chapel Hill Broadband president. "He will help make the transition from signing long-term leases to shorter-term deals." Chapel Hill Broadband brokers physical and financial deals in all broadband products and services, including channels, dark fiber, collocation collocation - co-location facilities and lit fiber Optical fiber that is regularly being used to transmit data. Contrast with dark fiber. . Representing a large national and international customer base, Chapel Hill Broadband has contracts in place with a wide array of energy companies, financial institutions and telecommunications carriers. About Chapel Hill Broadband Founded in January 2000, Chapel Hill Broadband is a carrier-neutral brokerage firm specializing in physical and financial brokering of broadband services See broadband and broadband service provider. . The company's mission is to become the leading broker of physical broadband products and to be positioned when the market develops financially traded forwards and options contracts. Its clients include IXC (1) (IntereXchange Carrier) An organization that provides interstate (long distance) communications services within the U.S., which includes AT&T, MCI, Sprint and more than 700 others. See LATA. (2) (IXC Communications Inc., Austin, TX, www. carriers, CLECs, ISPs and cable companies. |
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