New Brunswick's Xplornet Communications Inc. announced today that it has secured $230 million in private financing in order to expand its Internet service offerings across Canada.
The company says the funding will to expand its fixed wireless and satellite offerings among the 2.4 million Canadian households who don't have access to landline Internet service from the big cable and telecommunications companies.
"This is a company that is looking to grow quickly and to be the leader in rural Canada and that comes with a substantial need for capital," said CEO John Maduri.
Xplornet typically offers 1.5 Mbps service in rural and remote areas for about $70 per month.
Some of the money will also be used to fund Xplornet’s multi-year project to create a national 4G network. The company says that when it is completed by the end of 2012, the fixed wireless network will be capable of network speeds of 40 Mbps, eventually improving to over 100 Mbps.
The network will be supported by approximately 1,000 towers and two new 4G High-Throughput Satellites (HTS), starting with the launch of Viasat-1 in 2011, followed by Hughes-Jupiter - in early 2012. Xplornet claims the new network will provide customers three to ten times more bandwidth than today's 3G HSPA-enabled packages.
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