CorEnergy Infrastructure (PK) (USOTC:CORR)
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Corridor Communications Corporation Signs Letter of Intent To
Acquire the Cable Television System Assets of Coast Communications Inc.
Company Will Expand Broadband Wireless Data Services To Homes and Businesses in
Arizona and Nevada
MOUNTAIN VIEW, Calif., June 7 /PRNewswire-FirstCall/ -- Corridor Communication
Corporation (OTC:CORR) (BULLETIN BOARD: CORR) has entered into a LOI to
acquire Coast Communications Inc. Cable TV assets in a deal for cash and stock.
Coast owns the rights to 25 cable television systems serving communities in
Arizona and Nevada, with over 40,000 homes passed. The systems have an annual
recurring revenue stream of $3.1 Million from its current subscriber base. The
companies have also agreed to launch Corridors Wireless HotZone system to
complement the service in its largest cable systems immediately to enhance its
offerings to its users and will continue deployment until all systems are
complete with broadband wireless internet.
Corridor plans to market its high-speed Internet data services to Coast's
existing customer base. Corridor will also look to expand cable subscriber base
by adding broadband services utilizing Coast's existing cable delivery
infrastructure.
"We see only an upside in this deal with Coast Communication with its current
penetration of only 20 percent. We know that by adding High-Speed Broadband
Services we can bring those numbers up. This acquisition will Launch Corridor
into new markets that in most cases high-speed broadband service have not been
available. Given this fact we feel that both the existing subscriber base and
future subscribers will embrace the combined services offered by the company,"
said J. Michael Heil, Chief Executive Officer of the Company.
Scott Mac Caughern, Chairman of Corridor Communications Corporation stated,
"The Coast Cable asset will enhance our core competencies in servicing our
existing customer base with bundled services of High-Speed Internet Access,
Cable Television Programming, and Voice Products. In addition, we get the
benefit of a company with zero debt and liabilities, a solid recurring revenue
foundation and an excellent infrastructure that will further enable Corridor to
execute on our strategic growth plan."
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., +1-650-961-5707,
or smac@speedpalcom.
DATASOURCE: Corridor Communication Corporation
CONTACT: Scott Mac Caughern of Corridor Communications Corp.,
+1-650-961-5707, or smac@speedpalcom
Web site: http://www.corridorcommunications.com/