ECFiber Announces $9M in Outside Financing

//ECFiber Announces $9M in Outside Financing

ECFiber Announces $9M in Outside Financing to Complete Universal Service in Towns with Most Interest. Pre-subscription Campaign Ends April 30

FOR IMMEDIATE RELEASE.

ECFiber Announces $9M in Outside Financing to Complete Universal Service in Towns with Most Interest. Pre-subscription Campaign Ends April 30

Royalton VT – April 15, 2016

The East Central Vermont Telecommunications District (“ECFiber”) said today that it had received $9M in long term financing to expand its network by 250 miles in 2017, which will bring the total to nearly 600 miles. A portion of the funds will be used to refinance existing shorter-term, higher-cost debt. “Residents of our 24 member towns know that high-speed Internet is essential for today’s education and commerce,” says District Chair Irv Thomae. “ECFiber’s mission is to make true broadband available to every home and business, especially in rural areas underserved by commercial providers. This new financing will allow us to serve areas that desperately need us but lack the capacity to raise funds. Many unsung heroes have helped us reach this point, including our 479 investors, and especially our Treasurer John Roy and ValleyNet’s Stan Williams.”

“When I helped start ECFiber in 2008,” Stan Williams (currently CFO of ValleyNet, ECFiber’s operating partner) stated, “I could not have imagined the support this effort would receive from the local community. The success of this unique organization is a testament to both the desperate need for this service and the community-mindedness of our member towns. We owe special thanks to the ECFiber Governing Board members and ValleyNet board members who have collectively devoted many thousands of hours of volunteer effort, to our many local investors who have invested over $7M since 2011, to ValleyNet’s dedicated employees, and to our over 1,200 loyal customers. I believe this basic infrastructure improvement will dramatically enhance the vitality of our member towns for many years into the future. I hope ECFiber can serve as a model for other similarly disadvantaged towns in the region.”

“Towns with the highest rate of pre-subscription by April 30 will be fully built in 2017,” announced Carole Monroe, ValleyNet’s CEO. “This is similar to the way Google Fiber has rolled out its networks. We are urging all citizens of the 24 member towns to express their genuine interest in receiving ECFiber service by visiting our pre-subscription page at www.ecfiber.net/levelup. All pre-subscribers will receive a discounted installation and a one year trial period of the next higher service level; e.g. sign up for Standard 25 Mbps and receive Ultra 100 Mbps– a $300+ value.”

Given the number of miles remaining to be built in each town, 250 miles of network could mean full coverage of 4-8 towns by 2017. ECFiber’s current plan includes 1400 miles of network covering 100% of all underserved locations in its 24 towns by 2019.

ECFiber is a consortium of 24 towns in East-Central Vermont. Step by step, we are building a community-owned fiber-optic network to deliver high-speed Internet to every home, business, and civic institution in our territory. ECFiber offers real, simple broadband: no contracts, no data caps, symmetrical internet access (same upload as download,) choice of speeds from 10 Mbps to 500 Mbps that do not vary by time of day or according to the weather. Fully featured phone service with unlimited long distance calling in the US and Canada is also available.

For more information, please visit http://www.ecfiber.net or email us at info@ecfiber.net.

Contact
Irv Thomae, ECFiber District Chairman
Carole Monroe, ECFiber/ValleyNet CEO
415 Waterman Road, Royalton VT 05068
Office: (802) 763-2262
chairman@ecfiber.net, press@ecfiber.net

2016-04-19T13:19:40+00:00