NTS to Extend Fiber Network to Wichita Falls, TX; Company Secures Funding for Buildout and Refinancing of Short Term Debt
Published on Monday, 25 June 2012 09:44 Written by TradersHuddle StaffLUBBOCK, Texas-( Business Wire )-
NTS, Inc., f/k/a Xfone, Inc. (NYSE MKT/TASE: NTS) (“NTS” or “the Company”) announced that it plans to expand its fiber network to select areas of Wichita Falls, TX which, once completed, is expected to pass in excess of 1,000 business customers. The Company is funding this network expansion through a $3.1 million loan from existing lender ICON Investments (“ICON”).
Additionally, the Company refinanced its short term note to Burlingame Equity Investors, LP (“Burlingame Note”) with a long-term, $3.5 million loan from ICON and agreed to certain amendments to the terms of its original $7.5 million loan.
Guy Nissenson, Chairman and CEO of NTS, commented, “This ‘metro build’ is attractive given the proximity to our existing network. The build is expected to include more than 1,000 potential business customers. We continue to examine different communities that can further expand our network and help reach additional customers. The refinancing of the Burlingame Note strengthens our balance sheet and improves working capital conditions. We are excited that the Company was able to refinance this note in advance of its due date, March 2013.”
NTS is a provider of high speed broadband services, including internet access, digital cable TV programming and local and long distance telephone service to residential and business customers in northern Texas and southeastern Louisiana. NTS' Fiber-To-The-Premise (FTTP) network provides one of the fastest internet connections available. The Company currently has operations in Texas, Mississippi and Louisiana and also serves customers in Arizona, Colorado, Kansas, New Mexico and Oklahoma. For the Company's website, please visit: www.ntscom.com.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." NTS' financial and operational results reflected above should not be construed by any means as representative of the current or future value of its common stock. All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
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