Urbanfibre Continues to Expand its Network in Metro Vancouver

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Urban Communications (UBN.V) has taken the next step in its plan to build out its fibre optic network in greater Vancouver, Canada. The  Company has signed an agreement with GC Capital Inc. for the investment of $500,000 to fund the capital cost of constructing network extensions from its backbone fibre optic network to connect residential and commercial buildings.
Gary Chan, President of GC Capital (Toronto, Canada based equity firm) offered the following comments regarding the agreement between UBN and GC:
“We are very excited to be a part of Urban’s growth now and into the future, it is our intention to invest up to $1M this year and potentially another $4M over the next three years to fund Urban’s capital needs and help roll out Gigabit Internet services across metro Vancouver and Vancouver Island.”
The arrangement allows Urban to significantly reduce its need for external capital and introduces a relationship with an investment partner that could support Urban’s future infrastructure expansion plans. Urban CEO John Farlinger offered the following comments:
“Urban is very pleased to be working with Gary Chen and his partners, this revenue share deal represents a capital expenditure funding mechanism through which Urban can significantly reduce its need for external capital without introducing substantial shareholder dilution.”
The investment from GC Capital is going to allow Urban to connect its existing fibre network to more commercial and residential buildings. As the company continues to grow subscribers and add additional product lines, they are establishing themselves as a major player.
In addition to growing their existing fibre network by connecting more building, UBN announced in June a deal with the municipality of New Westminster. The access agreement will add an additional 30km route to Urban’s network, bringing the total footprint in the lower mainland to approximately 300km. This deal will bring high speed fibre to 125 buildings in New Westminster which represents roughly 10,000 consumers and a great opportunity for Urban Fibre.
“New Westminster has an innovative culture and BridgeNet provides the infrastructure we need to power our full potential,” said New Westminster Mayor Jonathan X. Coté. “Affordable access to broadband fibre is an ideal tool for connectivity and economic growth. We are pleased to be collaborating with Urbanfibre, bringing the benefits of broadband fibre to our community.”
The access agreement with New Westminster is Urban’s second municipal collaboration and the company hopes to add more partnerships across the lower mainland to expand the reach of their leading end products and services.
As the Fibre race heats up in Vancouver and the lower mainland it looks as though UBN has laid the right foundation for success!


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