First Next-Generation ISP, e-xpedient/CAVU, Inc. Raises $55 Million On Proven Delivery of 100 Mbps Internet Service Speeds to End-user Businesses of All Sizes.Business Editors ORLANDO, Fla.--(BUSINESS WIRE)--Oct. 5, 2000 Over a Broadband Fixed Wireless Network e-xpedient/CAVU, Inc., the first next-generation ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. to provide 100 Mbps Internet speed to business end-user customers of all sizes, announces today that it has closed on $55 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from the sale of its Series B preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . e-xpedient/CAVU, Inc., inspires the confidence of investors by being the first company to generate revenue from this type of customer on a local, 100 percent broadband fixed-wireless, all-IP, 100 Mbps Internet network. This speed is sixty times faster than T1 access and 280 times faster than standard 384 kbps DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary ; the two most commonly used business Internet accesses. The company's service is further distinguished from other Internet services by its affordable price. For example, a customer currently using DSL service can obtain e-xpedient(SM) 100 Mbps Internet service for the comparable price of $250 per month. Similarly, T1 service users can also get e-xpedient(SM) 100 Mbps Internet service for the comparable price of $1000 per month. Customer acceptance in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. and Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. and consumer demand for the company's service have driven the plans for expansion of the e-xpedient/CAVU, Inc. network. The additional funding enables the company to extend market reach to Charlotte, N.C., Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. , Jacksonville and Orlando, Fla. in 2000, and bring 100 Mbps Internet service to additional markets in 2001. Says Alessandro Piol, Managing Director of Invesco Private Capital, Series B lead investor, "As an investor, I look for key things from a company that make it a standout. Two of many distinguishing features of the CAVU's e-xpedient approach are first, rather than relying on other carriers for last-mile connectivity, they deploy their own local loop, bringing 100 Mbps access directly to the business end-user; and second, they show a plan to reach positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become way ahead of others in the marketplace." In addition to Invesco Private Capital, Inc., Series B investors include new investor Keyspan Energy and initial investors Adams Capital Management, Advent International Advent International - a long-established and leading global private equity investor Background Advent was founded in 1984 by Peter Brooke and Clint Harris to focus on international private equity investing. , Dolphin Communications, and Patricof & Co. Ventures Inc. Beyond providing 100 Mbps access directly to the business end-user, CAVU's e-xpedient has other distinctions that allow the company to project profitability in the broadband fixed-wireless arena with confidence. As the only company to offer a business end-user, all-IP network, its focus is Internet service. Other broadband fixed-wireless carriers start with an expensive telephony-based platform, making the delivery of Internet service secondary to the delivery of voice. By focusing on IP service, the company promotes the use of Voice over IP, web-conferencing and other internet-enabled communications applications by the business masses. Customers already on the e-xpedient network are responding enthusiastically. Pam Saunders of GVA GVA general visceral afferent system of nerves. Properties Group in Salt Lake City states, "We know we get much more accomplished with e-xpedient's service. It's just common sense. We will never go back to a slower Internet service. Why would anyone?" Ken Kharbanda, Managing Director, Dolphin Communications says, "It's little surprise that CAVU's e-xpedient 100 Mbps Internet Access has been widely accepted. Besides being the fastest speed available to business, they are actually delivering on the dream of broadband services via fixed-wireless. Similar companies have long over promised and under delivered - CAVU CAVU Ceiling And Visibility Unlimited CAVU Clear Air, Visibility Unlimited simply delivers." Using the $19 million raised in its Series A Preferred Stock financing, CAVU built a staff from five to 155 employees, established corporate headquarters and a state-of-the-art network operations and training center; and is currently delivering service and finalizing networks in seven markets. With the addition of the $55 million investment, bringing total funding to $74 million, the company can continue to expand its service reach, enable the growth of Internet applications services, and bring high-wage, high-tech jobs to both its central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. home and the communities it services nationwide. About CAVU CAVU, Inc. is an Orlando-based corporation, the first to deliver affordable 100 Mbps high-speed Internet See broadband. access to business users of all levels in markets across the United States. This high-speed Internet access - known as e-xpedient(SM) service - is sixty times faster than a T1 and 260 times faster than standard 384 kbps DSL, the most popular, somewhat- high-bandwidth business connections available today. Already, in Cleveland, the company is being touted as `the means to trump all other measures'(a) of what is high-speed Internet service. (a) SOURCE: Net speed: new status badge; Winn L. Rosch; The Plain Dealer; Cleveland, OH Thursday, August 31, 2000 Full Press Kit Available at www.e-xpedient.com/customer/pressnews/pressreleases |
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