CorEnergy Infrastructure (PK) (USOTC:CORR)
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Corridor Communications Corporation Signs Letter of Intent to
Acquire the Cable Television System Assets of CableVision Inc.
Company Moves Forward to Provide Wireless Broadband Service in High-Density MDU
Markets in Texas Through Its Newest Cable Acquisition Target
MOUNTAIN VIEW, Calif., June 14 /PRNewswire-FirstCall/ -- Corridor
Communications Corporation (OTC:CORR) (BULLETIN BOARD: CORR) has entered into
a LOI to acquire CableVision Inc. Cable TV assets in a deal for cash and
stock. CableVision owns cable television systems serving multiple apartment
communities in Texas and Michigan, with over 7,000 homes passed. The systems
have an annual recurring revenue stream of over $1.1 Million from its current
subscriber base. The company plans to provide both a wired and wireless option
in the apartment complexes that will blanket not only the current service area
but will have an additional service area of a 15 mile radius at each of the
locations. To enhance its offerings to users, Corridor Communications will
immediately deploy Wireless HotZone service in these under-served cable
markets.
Corridor plans to market its high-speed wireless Internet services in high
density first tier markets by building networks of hotspots to provide
ubiquitous service in an un-tethered environment.
"This opportunity is strategic for us, we see ourselves being a major
competitor in areas where we can find a lot of savvy users in high-end,
high-density communities as well as the 2nd and 3rd tier communities. We have
already implemented this type of service in our Salem Market by installing
hybrid wireless systems in apartment complexes where no other Broadband options
are available. We know that by adding High-Speed Wireless Broadband Services
we create solid revenue and happier customers," said J. Michael Heil, Chief
Executive Officer of the Company.
Scott Mac Caughern, Chairman of Corridor Communications Corporation stated,
"The Cable Vision asset acquisition along with last weeks announcement to
acquire 7,000 subscribers from Coast Communications confirms our business
strategy; as we now have back to back Cable TV deals that will bring to us over
10,000 paying subscribers and over 50,000 homes passed in a nearly no
competition environment. Having a legacy asset with a solid recurring revenue
foundation will certainly help us continue to execute our 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 Communications Corporation
CONTACT: Scott Mac Caughern of Corridor Communications Corp.,
+1-650-961-5707, smac@speedpalcom
Web site: http://www.corridorcommunications.com/