RUSHVILLE, Ind., April 29, 2010 (GLOBE NEWSWIRE) -- Omnicity Corp (OTCBB:OMCY), the Midwest's largest and fastest growing fixed wireless broadband service provider, closed its acquisition of the network and subscribers of LightSpeed Wireless, covering five counties in Central Ohio. This acquisition is the 10th completed acquisition for Omnicity in the last 14 months driving subscriber count to nearly 12,000 and piles on another $1,560,000 of annual revenue. This large acquisition brings on another 3,600 subscribers and the network covers an estimated 117,000 homes in Central Ohio. Omnicity has racked up a 600% growth rate within the first 14 months of going public in February 2009. Greg Jarman, CEO of Omnicity stated, "The addition of the LightSpeed network and subscribers is a major milestone event for Omnicity. It not only contributes significantly to our operating revenue and cash flow, but also delivers a high quality network and a very substantial build-out opportunity that should allow us to at least triple subscribers and revenue in central Ohio within the next 36 months given the less than 4% penetration rate on the estimated 117,000 homes passed."
The acquisition of LightSpeed's network and subscribers is the second completed acquisition in Ohio and twice the size of the acquisition of Bright Choice, also situated in Central Ohio, which Omnicity closed 30 days ago. Omnicity plans to press on with its acquisition of WISP networks, subscribers, build-out, and partnering track through Ohio and other Midwestern states at a rapid pace. The acquisition of LightSpeed's network and 3600 subscribers, together with the 1,500 subscribers acquired from Bright Choice, provides Omnicity with a sizeable presence in central Ohio to complement Omnicity's core operation in Indiana. Kyle Yoder, President of LightSpeed added, "We are excited to become a part of the Omnicity team in Ohio. We look forward to helping our customers with additional services and growing our network into areas that we don't cover today." Omnicity, assisted by its Ohio acquisition partner SZD Whiteboard, of Columbus, Ohio, is negotiating with several more Ohio acquisition candidates, new-builds, and partnerships that it expects to consummate in the near future.
About Omnicity:
Our vision is to be the first broadband service provider to expand its network across rural America
Omnicity Corp is a public company based in Indiana 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. Omnicity's strategy is to provide a total broadband solution and continue rapid growth through acquisitions of networks and subscribers, organic growth and continue to partner with Rural Electric Membership Co-ops and Rural Telephone Companies. Omnicity has an experienced broadband operations team with extensive wireless broadband/ISP expertise as well as the expertise to consolidate large numbers of networks and subscribers through its roll-up strategy.
Forward-looking statements, made pursuant to safe harbor provisions of the PSLR Act of 1995, inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for changes after the date of this release.