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For Immediate Release
BIA DIGITAL PARTNERS AND SPRING CAPITAL COMMIT $11 MILLION TO DIGITALBRIDGE COMMUNICATIONS
CHANTILLY, Va., October 29, 2008 - BIA Digital Partners II LP, www.biadp.com, a private investment firm focusing on mid- to later stage communications companies, announced today that it led an $11 million mezzanine investment in Ashburn, VA-based DigitalBridge Communications Corp. ("DigitalBridge" or the "Company"), providing the Company with capital to complement additional equity and debt financing provided by the company's venture capital investors and senior lender, respectively. In conjunction with the investment, Chuck Wiebe, a Principal of BIA, and Bob Stewart, a General Partner of Spring Capital, will have observer rights on DigitalBridge's Board of Directors.
"With its licensed spectrum and network deployment in carefully selected, underserved communities, DigitalBridge offers households and businesses a compelling value proposition - affordable, robust voice and data services over a high-speed, reliable Internet connection," said Wiebe. "This company is on the forefront of the 4G revolution that will fully mobilize the Internet and fundamentally change the way people work, communicate and obtain information."
DigitalBridge was founded in 2005 by former Verizon Avenue executives William Wallace, Kelley Dunne and Joe Kochan. In June, 2007, the Company launched the first fully operational domestic WiMAX system in Idaho and attained a greater than 15% household penetration within the first six months. Since that time, the Company has launched in 14 additional markets in Idaho, Wyoming, Montana, South Dakota, Indiana and Virginia. Currently the Company's subscriber base is approaching 20,000 and it controls 172 million MHz-PoPs of WiMAX spectrum. The Company has also forged a number of strategic relationships including Cisco, Alvarion and DirecTV.
"We are greatly appreciative of the support shown by our existing investors and senior lender in this challenging fundraising environment and welcome BIA and Spring Capital into the DigitalBridge family," said Kelley Dunne, CEO of DigitalBridge. "We intend to prudently deploy this growth capital to address ever-expanding opportunities in our existing markets and further our position as a WiMAX industry leader in the United States."
Additional information on BIA Digital Partners II LP is available by contacting Chuck Wiebe or Gretchen Dowling at (703) 227-9600. Further information is also available at www.biadp.com.
About DigitalBridge Communications
DigitalBridge Communications Corp. ("DBC") is a telecommunications service provider focused on using WiMAX to deliver broadband services to underserved communities nationwide. The company was founded in 2005 by Kelley Dunne, Bill Wallace, and Joe Kochan. Since launching its service in 2007, DBC has deployed to 15 markets throughout the U.S. With WiMax, DBC subscribers are able to set up service on their own within a matter of minutes and use their portable service inside or outside their homes and offices. For more information about DBC, please visit www.digitalbridgecommunications.com.
About BIA Digital Partners
BIA Digital Partners is a private investment firm, managing over $250 million. Financing is available for acquisitions, organic growth, recapitalizations and leveraged/management buyouts among other purposes. BIA Digital Partners maintains a focus on mid- to later-stage companies operating in the media and entertainment, telecommunications, information, business and consumer services industries. Investments generally range from $5 to $12 million and are in the form of subordinated debt with warrants or preferred equity. For more information, go to www.biadp.com.
BIA Digital Partners has two affiliates, BIA Capital Strategies, LLC and BIA Financial Network (BIAfn). BIA Capital Strategies provides merger and acquisition advice and arranges equity and debt funding. BIAfn, the nation's leading communications appraisal and valuation firm for more than two decades, assists with valuations, research and analysis, strategic consulting, and financial and operational consulting. For more information, visit www.biacapital.com and www.bia.com.