Pannaway Technologies Announces Record Close to Q2 05; Highlights from Quarter Include Customer Wins, Innovative Product Development and Additional Private Funding.PORTSMOUTH, N.H. -- Pannaway Technologies, Inc., designers and developers of converged broadband voice, video and data platforms, today announced continued company success and momentum with the close of Q2 2005. Highlights from Pannaway's successful Q2 include 10 new Independent Operating Carrier (IOC IOC abbr. International Olympic Committee IOC n abbr (= International Olympic Committee) → COI m IOC n abbr (= ) and Competitive Local Exchange Carrier (CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) ) customer contracts, the addition of new Broadband Access Switch (BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science ) products expanding media type / protocol flexibility and a $15.6 million round of private funding. Pannaway closed Q2 2005 with 10 new telco customer accounts resulting in better than 200% revenue growth over Q1 2005. New customers include Bruce Municipal Telephone Systems in Ontario, Canada; KPU KPU Komisi Pemilihan Umum (Indonesia National Elections Commission) KPU Korea Polytechnic University KPU Kwantlen Polytechnic University (Surrey, BC, Canada) Telecommunications in Ketchikan, Alaska; Empire Telephone in Prattsburgh, New York Prattsburgh (or Prattsburg) is a town in Steuben County, New York, United States. The population was 2,064 at the 2000 census. The name of the town is taken from its most promininent community. ; and Seneca Telephone in Seneca, Missouri. These new accounts mark Pannaway's entry into new regions as the company continues on its path of national and international expansion. "Q2 was truly an explosive quarter for our company and we're excited about the activity that we're seeing in the IOC market," said Mike Skubisz, CTO (Chief Technical Officer) The executive responsible for the technical direction of an organization. See CIO and salary survey. of Pannaway. "Analyst sources combined with our own field experience indicate that the market for Triple Play solutions will enjoy steady growth during the next 5 years and we believe we're in a great position to capitalize on this growth with our cost-effective, highly scaleable and easy-to-deploy access solutions." In June, Pannaway announced the availability of four new members to its award-winning Broadband Access Switch product suite. With these new additions, telecommunications service providers can flexibly and affordably build a network architecture that will support emerging high-bandwidth communications and entertainment services including Video-on-Demand and High-Definition TV - all over a single broadband connection. Additionally, Pannaway announced the general availability of its award-winning Fiber Broadband Access Switch and Fiber Residential Gateway NID (RGN(TM)) for Fiber-to-the-Home (FTTH (Fiber To The Home) See FTTP. ) deployments - the industry's first next-generation Optical Line Termination An optical line termination (OLT), also called an optical line terminal, is the service provider endpoint of a passive optical network and is placed at the central office or head end in systems such as Verizon's FIOS network. (OLT) system with 10 Gbps Ethernet uplink capabilities. Later in June, Pannaway closed a $15.6 million E round of funding led by primary investor S. Robert Levine, bringing the company's total investment to $56.1 million in private funding. Pannaway will use the money to further research and development for its Service Convergence Network (SCN), expand its industry-leading service and support organization and programs, and move forward with expansion into emerging markets. Additional highlights for Pannaway during Q2 05 include: --Industry recognition: In May, Pannaway's Broadband Access Switch was named Communications Solutions' 2004 "Product of the Year" for demonstrating excellence in technological advancement and application refinements. Following that, Pannaway was named one of the "10 Coolest Companies of 2005" by Telecommunications magazine. --Product development and innovation: Pannaway continued to make improvements to its Service Convergence Network including enhancements to its carrier-class voice products and its Broadband Access Manager (BAM Bam (bäm), town (1996 pop. 70,100), Kerman prov., SE Iran, on the intermittent Bam River. Located on the western edge of the Dasht-e Lut, Bam is a trade center in a henna-growing region. Dates and other fruits are also grown; camels are raised. ) which will be announced in Q3 2005. --International and emerging market expansion: Pannaway has European-based evaluation deployments scheduled for Q3 2005. About Pannaway Technologies Pannaway provides true next-generation converged voice, video and data solutions to telecom service providers and emerging Triple Play services companies. Pannaway's multi-award winning and patent-pending IP technologies enable telecom providers worldwide to deliver profitable broadband services to homes and businesses at a fraction of their historical costs. Pannaway also delivers the industry's first end-to-end carrier-class VoIP solution with integrated Primary Line service for lifeline POTS support. The privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. is headquartered in Portsmouth, New Hampshire Portsmouth, New Hampshire is a city in Rockingham County, New Hampshire in the United States of America. It is the fourth-largest community in the county[1], with a population of 20,784 as of the 2000 census. , and has been building solutions and service/support programs to fit the specific needs of rural telcos since 2002 For more information, please visit www.pannaway.com. |
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