Only in your dreams....
Tuesday January 19, 7:06 am Eastern Time
Company Press Release
International Fibercom, Inc. Announces Launch of Broadband Fiber Optic Installation Services in Southeast U.S.
PHOENIX--(BUSINESS WIRE)--Jan. 19, 1999--
Compass Communications Unit Awarded Initial Fiber Optic Network
Design and Build Contracts by Adelphia Communications for $5
Million; IFCI Also Announces It Expects to Record 1998 Revenues
in Excess of $100 Million
International FiberCom, Inc. (Nasdaq:IFCI - news; PHLX:IFC) and its Chairman and CEO, Joseph P. Kealy today announced it has begun providing complete broadband fiber optic installation services in the southeastern U.S.
The services are being marketed through IFCI's Compass Communications subsidiary. The Compass unit has already been awarded two separate modified turnkey design and build contracts by Adelphia Communications for Adelphia's expansion and upgrading of its existing cable television system in Palm Beach County, Fla. with fiber-optic cable. The new network will accommodate high speed, broadband roll-out, data and video transmission.
Work is scheduled to commence on Feb. 1, 1999 and these contracts are expected to initially generate approximately $5 million in revenue by Dec. 31, 1999. Adelphia Communications, based in Coudersport, Pa., owns, operates, and manages cable TV systems and other related telecommunications businesses and is listed on the NASDAQ Stock Market.
The new unit will be headquartered at the Compass offices in Lawrenceville, Ga. and has also opened a second office in West Palm Beach, Fla., where the Company will focus on a number of cable television fiber optic upgrade projects. IFCI is one of the leading providers of fiber optic broadband network installation and maintenance services throughout both the southwestern U.S., through its Kleven Communications unit, and California, through its Riley Communications unit.
Compass Communications has created this new division to complement its existing telecommunications and broadband network engineering operations. IFCI completed the acquisition of Compass Communications, Inc. in November, 1997. Compass is a registered engineering company providing comprehensive mapping, planning, design, consulting, and construction services to the telecommunications industry.
Compass has played an integral role in helping six of the top ten U.S. cable operators upgrade their plant from one-way video delivery to bi-directional broadband networks capable of delivering interactive services such as high speed data, and IP Telephony.
Compass is now one of the largest broadband network engineering design businesses in the United States and employs more than 250 field engineers and technicians. Its customers include Time Warner, Motorola, Bellcore, and Media One, TCI and CableVision.
Commenting on the announcement, Kealy stated, ''The vertical integration of Compass' front end design and engineering capabilities has become a key component to our overall plan of becoming a fully integrated 'one stop shopping solution' of telecommunications and cable broadband network infrastructure services for the telecom and cable industries. By adding outside fiber optic plant services to Compass' existing engineering design group, the Company can offer complete design and build packages to its client base throughout the southeastern U.S.''
Kealy continued, ''1997 and 1998 will be viewed as years we acquired the management depth, technical expertise and critical mass to become a 'one-stop shopping' solution for the telecommunications marketplace. We can offer engineering, consulting and broadband network systems design, installation of structured cable and fiber-optic networks, and complete LAN/WAN systems integration services. The feedback we have received from the leading RBOC's, long distance companies and cable providers regarding our new fully integrated abilities to provide a complete outsource solution has been quite favorable. We anticipate recording revenues in calendar 1998 in excess of $100 million and we enter 1999 extremely well positioned to take advantage of the enormous nationwide demand for our complete fiber-optic broadband network services.''
International FiberCom is a fully integrated ''one stop shopping'' outsource provider for the telecom and CATV industries. Through its seven subsidiaries, IFCI provides a range of high level engineering, broadband network systems design, installation of structured cable and fiber-optic networks and complete telecommunications systems integration services with LAN's and WAN's expertise.
Its Kleven Communications and Riley Communications subsidiaries specialize in the design, installation and maintenance of fiber-optic and other cable services for the telecommunications and cable industries. Its Tennessee based subsidiary, Concepts In Communications, provides systems integration services including design, engineering, installation and maintenance of structured cable systems, network hardware and software, workstation peripherals and intercommunications systems.
Its telecommunications engineering subsidiary, Compass Communications, specializes in designing and building broadband video, voice and data networks systems. Its telecom equipment units, Southern Communications Products, United Tech and Diversitec are leaders in a fast growing niche business within the telecommunications equipment sector.
This press release contains ''forward-looking statements'' which are based largely on the Company's expectations and are subject to various business risks and uncertainties, a number of which are beyond the Company's control. These forward-looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements as a result of such risks. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained herein will in fact transpire or prove to be accurate. A more complete listing of cautionary statements and risk factors is contained in the Company's reports filed on Form 10-KSB and Form 10-QSB with the Securities and Exchange Commission. The Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.
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