Metricom CLARIFICATION
February 09, 2001 7:09:00 PM ET
SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 9, 2001--
Metricom, Inc. MCOM today issued the following clarifying statement:
While we clearly need additional funding, we did not intend to give the impression that we are currently in the process of "shutting down" Ricochet. To the contrary, we believe strongly in Ricochet and its value in the marketplace. Since the July 2000 launch of Ricochet, we built the network to reach 48 million in population, and are working with our partners in 15 markets to get Ricochet, the fastest mobile wireless service, into the hands of users.
Clearly it's a challenging time for Metricom and there are risks involved, but it is not currently our plan to shut down Ricochet and we are working on the following: 1. Holding discussions with many parties as we actively seek
permanent funding. 2. Scaling back further network building and operating costs while we
seek funding. 3. Working with partners to continue bringing Ricochet to more users.
As we move forward driving adoption of Ricochet, our partners continue to be excited by what Ricochet brings their customers. In fact, we are currently embarking jointly on aggressive marketing campaigns including targeted efforts in Atlanta with WorldCom and in Dallas with GoAmerica.
We feel that it is responsible to inform our shareholders of our financial situation and the need for additional funding to build out our Ricochet network and to continue our operations. That said, the timing of market launches and the rate of growth of our company is dependent on our success in gaining permanent financing.
About Metricom
Metricom, Inc. is a leading high-speed wireless data company. With its high-speed Ricochet mobile access, Metricom is making "information anytime" possible -- at home, at the office, on the road, and on many devices. Founded in 1985, Metricom has spent more than 15 years on the development of its distinctive Micro Cellular Data Network (MCDN) technology. That experience enables Metricom to develop the fastest wireless mobile data networking and technology available today. Ricochet has operated a 28.8 kbps service since 1995. The new Ricochet, delivering user speeds of 128 kbps, is currently available in thirteen markets and is connected to two 28.8 kbps service areas to increase coverage for mobile professionals.
Note to Editors: Metricom and Ricochet are registered trademarks of Metricom, Inc. All other trademarks are the property of their respective owners.
Statements made in this press release that are not historical facts, including those related to future market conditions, future funding requirements, future funding options, future subscriber growth, future capital expenditures, future competitors, future partners, future market rollouts and future technology, are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in these statements. Among other things, the availability of financing and additional competition from existing and future competitors may impact the market. Projections of capital requirements, market size, partners, market acceptance, technological rollout and competition are estimated based on preliminary information as well as certain assumptions which management believes to be reasonable at this time. All forward-looking statements are subject to the successful completion of the actions described in this press release. In addition to the factors set forth elsewhere in this press release, the economic, competitive, governmental, technological and other factors identified in Metricom's filings with the Securities and Exchange Commission could affect the forward looking statements contained in this press release.
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