Omnicity (OMCY) secures financing to accelerate its acquisition strategy

Posted on: Monday, November 9th, 2009
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Omnicity Corp. (OTCBB: OMCY) announced today that it had secured nearly 1.2 million in financing earmarked for the completion of several asset purchases and acquisitions in various stages of closure. Omnicity is the Midwest’s largest and fastest growing fixed Wireless Internet Service Provider, and the goal of this financing is to further the Company’s acquisition and growth strategy by bringing broadband service to rural United States.

Remarking on the goals of the newly secured financing, Omnicity Chief Executive Officer, Greg Jarmen said “This financing allows us to accelerate our growth strategy and allows us to close on our acquisitions quickly. These acquisitions, combined with an aggressive set of sales and marketing campaigns, should more than double our subscribers, our network infrastructure and revenues. Subject to these acquisitions closing, it will be the second time we have doubled our business in the first year since going public.”

Omnicity Corp, based in Indiana, is focused on providing broadband access, including advanced services of voice, video and data, in un-served and underserved small and rural markets and is planning to be the premier consolidator of rural market broadband nationwide.

Share prices, which are hovering around 32 cents, have been steadily declining for the past six months, from a high of 90 cents in May.

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Category: OTCBB, Technology Stocks
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