DigitalBridge Communications Announces Completion of $16.5 Million Capital Raise

ASHBURN, Va. , Oct. 27 /PRNewswire/ -- DigitalBridge Communications Corp., the largest private provider of WiMAX broadband services in the United States , today announced it has completed raising a total of $16.5 million of senior and subordinated...


ASHBURN, Va. , Oct. 27 /PRNewswire/ -- DigitalBridge Communications Corp., the largest private provider of WiMAX broadband services in the United States , today announced it has completed raising a total of $16.5 million of senior and subordinated debt along with additional capital from its existing equity investors. These funds provide the company with significant additional liquidity with which to continue to build the enterprise.

In addition to an investment by the company's existing investor group of Paladin Capital Group, RedShift Ventures, CNF Investments and Novak Biddle Venture Partners, and an increase in the company's senior bank facility with Comerica Bank, the company received an $8.5 million subordinated debt investment from BIA Digital Partners and Spring Capital Partners.

"With its licensed spectrum and network deployments 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 Chuck Wiebe , a Partner at BIA Digital Partners. "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."

In conjunction with this investment, Mr. Wiebe and Robert Stewart , a General Partner at Spring Capital, will have observer rights on the company's Board of Directors.

"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 ."

This capital raise comes on the heels of the deployment of the company's first 15 markets in six states over the past 16 months, its groundbreaking June 2008 launch of the first commercial mobile WiMAX network in the United States in Jackson, Wyoming , and the highly successful August 2008 introduction of VoIP services to complement its existing Internet data services. With Sprint's recent launch of its XOHM WiMAX service in Baltimore, Maryland and the pending completion of the merger of XOHM and Clearwire Corporation, DigitalBridge is poised to build further on its position as one of the largest, and most innovative, providers of WiMAX services in the world.

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 http://www.digitalbridgecommunications.com.

About RedShift Ventures

RedShift Ventures is an early stage venture capital firm focused on tech transfer and spin-out opportunities from universities, government labs and corporations. RedShift primarily invests in the communications, information technology and physical sciences sectors and is traditionally the first institutional investor in a company. With the assistance of a world-class Advisory Board, RedShift works with entrepreneurs to build great companies based on unique and differentiated technologies. RedShift Ventures has over $220 million under management and is headquartered in Arlington, VA . For more information, please visit http://www.redshiftventures.com.

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