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Corridor Communications Corp. Closes Strategic Acquisition of
100% of Eagle West Communications Inc.
Corridor's Expansion into Cable Television ownership is another cornerstone for
its wired and wireless broadband services deployment. Launching the company's
wireless model into Eagle West's 7000+ customers in 27 franchise Cable
television systems will provide a captive customer base for the marketing of
broadband services.
SALEM, Ore., Sept. 8 /PRNewswire-FirstCall/ -- Corridor Communications Corp.
(OTC:CORR) (BULLETIN BOARD: CORR) completes its acquisition of a 100% of Eagle
West Communications Inc. On August 25th 2004, Corridor closed an Asset
Purchase Agreement with Eagle West Communications, Inc., whereby the Company
acquired all of the assets of Eagle West for a purchase price of $1,700,000.
The transaction was funded by utilizing cash generated from the sale of the
Company's preferred stock in connection with a private placement recently
finalized by the Company. (For more information on the transaction, please
refer to the Company's 8K filed August 27, 2004)
The assets purchased from Eagle West consist of 27 cable television systems
serving communities in Arizona, Nevada and New Mexico. The Eagle West System is
a service that delivers multiple channels of television programming to
subscribers who pay a monthly fee for the services they receive. With this
acquisition, Corridor will overlay wireless Internet service onto the Eagle
West System.
With over 45,000 homes passed. The systems have an annual recurring revenue
stream of $3.1 Million from its current subscriber base. Corridor will
immediately launch its Wireless HotZone system to complement the service in its
largest cable systems to enhance its offerings and will continue deployment
until all systems are complete with broadband wireless internet. Corridor plans
to market its high-speed Internet data services to Eagle's existing customer
base and will also look to expand cable subscriber base by adding broadband
services utilizing Eagle's existing cable delivery infrastructure.
"Both companies have dedicated tremendous efforts in closing this transaction
over the last three months and now we can go to work providing broadband
service via Cable and Wireless HotZones. Along with the planned upgrade on the
Cable TV side we will overlay Wireless HotZone Internet Service on all of the
Eagle West systems. Once fully deployed our Wireless Network could provide
service to over 500,000 homes and businesses. We see only an upside in these
new assets, with its current penetration of less than 20% we know we can bring
those numbers up to an industry average, which is close to 50%. This
acquisition will launch Corridor into new markets which in most cases
high-speed broadband service have not been available," said J. Michael Heil,
Chief Executive Officer of the Company.
Scott Mac Caughern, Chairman of Corridor Communications Corp. stated, "This
acquisition is another major step in enhancing our overall strategic goals. By
adding the Eagle West's cable television customer base and revenue along with
future bundled services of High-Speed Internet Access, we achieve a more stable
revenue base then our Wi-Fi only competitors. We have a spectacular business
plan, which we are methodically implementing each day. The Eagle West asset not
only give us the potential of new subscribers on the broadband side, but also
brings a steady and predictable revenue stream on the cable side right to the
bottom line. When we include our new asset valuation and its current and future
income potential I can say that we are right on target and I am very pleased."
About Corridor Communications
Headquartered in Mountain View, California with Operations in Salem, Oregon,
Corridor Communications, Inc. is an integrated wireless Internet service
provider (WISP) offering high-speed Internet and data services, to residents
and businesses. The Company plans to implement a growth-through- acquisition
strategy by targeting small to mid size Dial Up Internet Service Providers
(ISP) in areas underserved by current broadband options. The growth strategy
will also focus on creating partnerships with existing hot spot management
companies while building company owned hotspots to create ubiquitous coverage
or "Hot Zones" that encompass entire cities.
Corridor's IP-Based technology supports all hardware meeting Wi-Fi 802.11(x)
standards operating in an unlicensed spread spectrums (2.4 GHz and 5.7 GHz),
and can be deployed far less expensively than comparable copper and cable
technologies. The company also plans to leverage its network build out for
other services that may include voice and video. For more information about
Corridor Communications, please visit the Company's web site at
http://www.corridorcommunications.com/
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, availability of raw
materials, the regulatory environment, fluctuations in operating results and
other risks detailed from time to time in the company's filings with the
Securities and Exchange Commission. Our forward-looking statements are based on
currently available information which management has assessed but which is
dynamic and subject to rapid and even abrupt change due to risks and
uncertainties that affect our business, including the unpredictability of
future revenues and limited visibility into future demand on which to base our
forecasts; the current uncertainty in our marketplace which may impact expected
demand, customer selection criteria and sales cycle; our ability to execute on
product deliverables and major customer contracts, slower economic growth
generally, slower adoption of broadband technology, or cutbacks in information
technology spending; and factors beyond our control such as power outages or
work stoppages at key customers.
CONTACT: Scott Mac Caughern of Corridor Communications Corp., .
DATASOURCE: Corridor Communications Corp.
CONTACT: Scott Mac Caughern of Corridor Communications Corp.,
+1-949-635-0647 or
Web site: http://www.corridorcommunications.com/