180 Connect Inc. Secures New Fiber-To-The-Premise Contracts In The Western United States
Toronto and New York - 180 Connect Inc. ("180 Connect" or the "Company") , one of North America's largest providers of installation, integration and fulfillment services to the home entertainment, communication, and home integration service industries, recently announced that it has been awarded by the City of Palo Alto, California and the Truckee Donner Public Utility District, California the contracts to develop the fiber-to-the-home ("FTTH") and municipal fiber networks for those communities. These projects combined with the Company's City of Ontario, California project, represent the largest fiber deployment to residential communities in the Western US.
City of Palo Alto, California
180 Network Services has been awarded by the City of Palo Alto, California a contract to begin the development of a municipal fiber network which is expected to bring fiber optic lines to every home and business in the City of Palo Alto representing over 31,000 homes and businesses. The project is expected to begin in the first quarter of 2008 with a term of five years, creating a significant projected revenue backlog. The Company has initiated the process of business planning for the project and is currently reviewing the assets of the City of Palo Alto that will be used in the construction and financing of other projects.
Truckee Donner Public Utility District (PUD), California
180 Network Services has also been selected by the Truckee Donner Public Utility District to begin the planning process for a new FTTH development and municipal fiber network that will provide high speed broadband service to over 15,000 homes and business throughout the municipality. The current estimated value of this project is in excess of $15.5 million.
"Our municipal fiber optic projects in Boise, Idaho and Ontario and Shafter, California continue to deliver exceptional margins as well as showcase our capabilities to future customers," stated Mr. Peter Giacalone, President and CEO of 180 Connect Inc. "The City of Palo Alto and the Truckee Donner Public Utility District are expected to more than double annual revenues in our 180 Network Services business and represent our continued success in diversifying our earnings base into the commercial marketplace, while leveraging our existing strengths." Mr. Giacalone continued, "180 Network Services has, in a very short period of time, become highly recognized as providing a single source, total integration solution for fiber to the home projects to both our municipal and private developer customers."
SOURCE: 180 Connect Inc.