28.01.04
1st Broadband secures equity funding from Finance Cornwall

1st Broadband, a leading provider of broadband access to rural businesses and communities, announces that it has raised over £500K initial round equity investment including an undisclosed amount from Objective One project Finance Cornwall.

The group is the first UK community broadband provider to receive institutional funding. The money raised will be used to accelerate market coverage and speed up the rate of expansion, in order to further establish 1st Broadband as the primary private sector resource for communities wanting the best in broadband connectivity. This will be achieved by providing affiliated support and services to pre-qualified Community Broadband Networks (CBNs) around the country, in addition to 'greenfield' CBN deployments. 1st Broadband aims to have 400 customers connected to its CBNs in Devon and Cornwall alone by end of March.

According to Malcolm Matson, 1st Broadband's Chairman and founder of COLT Telecom: "We believe that everyone in Britain should have broadband connectivity to the internet, and that by deploying true broadband technology rather than relying on ADSL alone. Businesses located outside the more urban areas relying on 1st Broadband will have a distinct advantage in terms of the speed and quality of support for broadband internet access. Finance Cornwall's investment will enable us to help Cornwall end up on the right side of the 'digital divide’.”

Darren Gowling, Investment Director at Finance Cornwall, added: "We are delighted to be the first institutional investor to recognise the potential value of community broadband provision. We believe that 1st Broadband not only has a world class management team but is in the right place to capitalise on the enormous demand for a robust service, which cannot currently be satisfied by the major incumbents. Our equity fund will be the beneficiary of this and promote a hugely beneficial service to our community.”

Finance Cornwall funds are managed by Alliance Fund Managers Ltd which is regulated by the Financial Services Authority in the course of investment business.

For further information about 1st Broadband, please contact:

Marina Patrick, 1st Broadband
Tel: 07803 051014
Email: mpatrick@1stbroadband.com
website: www.1stBroadband.com

Editor's notes:

1st Broadband provides homes and businesses with reliable broadband solutions based on world class wireless technology. The company works with rural communities throughout the UK (starting in the South West) to help them gain access to the immense benefits of having high-powered broadband internet connectivity. Typically, this is available much sooner with better performance levels than can realistically be expected from other suppliers in their area, or indeed in urban areas relying on ADSL.

1st Broadband installs, operates, and maintains the network to the degree required by the local community. In addition to deploying new broadband networks, the company works with existing community broadband projects that may already have a wireless network in place and provides these with customer service and payment solutions, network design and management, wireless expertise, and cost savings on internet bandwidth and equipment.

1st Broadband works closely with members of the local community to generate interest, and to agree the likely demand, and to determine the optimum coverage area.

Jason Clark
Communications Adviser
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
objectiveone@cornwall.gov.uk

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