SARASOTA, Fla.—Speedcom Wireless Corp. closed an $8.4 million private placement that leaves the fixed wireless broadband products provider in the enviable position of having a “virtually debt-free” balance sheet, the Sarasota, Fla.–based company said Aug. 28.
As the result of this new financing, the company said it believes its business plan is fully funded and that it expects to achieve profitability by the fourth quarter of this year on an EBITDA basis. Earnings before interest, taxes, depreciation and amortization is a measure of cash flow.
“We just reported our sixth consecutive quarter of record revenues, despite the difficult environment. The infusion of capital since April, the first significant institutional funding in the company’s seven-year history, positions Speedcom well for continued growth,” said Michael McKinney, chairman and chief executive officer.
Telecommunications operators, Internet service providers and private organizations in approximately 60 countries use Speedcom’s wireless solutions to provide backbone and/or last-mile connectivity over distances of 25 miles or more, the company said.
Speedcom closes private placement
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