Omnicity Corp., the Midwest’s largest and fastest growing fixed Wireless Internet Service Provider, today 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.
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