RIDGELAND, Miss. - July 27, 2000 - Loop Technologies, Inc. (www.looptec.com) announced today its plans to launch a nationwide high-speed, broadband Internet access service. The company will deliver enhanced broadband networking capabilities to both business and residential consumers.
Loop Technologies has signed an agreement with Cisco Systems, Inc. to purchase and deploy Cisco's point-to-point solution for their current broadband fixed wireless services. The agreement also allows Loop Technologies to be one of the first companies to have early access to Cisco's next-generation point-to-multipoint solutions for the 5.7Ghz UNII band. The agreement with Cisco gives Loop Technologies access to Cisco marketing programs to accelerate the development of a national network.
With plans to deploy its nationwide service beginning in the fall of 2000, Loop Technologies will provide wireless Internet access at speeds up to 25 Mbps per second to small and medium-sized businesses and home offices. The wireless service will allow for rapid transmission of large files, decreased download times and a permanent connection to the Internet. Because there is no dial-up or log-on process involved, customers will be able to receive instant notification of e-mail messages 24 hours a day.
"As the number of high-speed Internet access providers proliferates, the competitive difference for Loop Technologies will be our ability to provide a high level of customer satisfaction through an emphasis on customer care, service reliability and ancillary services," said Jerry M. Sullivan, Jr., president and chief executive officer of Loop Technologies, Inc. "We are confident that our agreement with Cisco will complement Loop Technologies' operational expertise."
As part of the Cisco Powered Network Program, Loop Technologies will participate in joint activities that include co-marketing and promotion, training programs, sales activities and technology evaluation and sharing with the leading provider of comprehensive networking solutions. By participating in the program Loop Technologies demonstrates its ability to provide industry-leading technology solutions and services.
"Loop Technologies' broadband wireless access network will address the market needs of today," said Larry Lang, vice president service provider marketing at Cisco. "We are pleased with the relationship our companies have established."
Based in Ridgeland, Miss., Loop Technologies is led by veterans of the telecommunications industry with over 100 years of combined experience. Founded by two former principals of Tritel Communications (Nasdaq: TTEL), both Jerry Sullivan, president and chief executive officer and John Greathouse, chief technical officer, have a proven track record for business development and execution. They are joined by Jaap Langenberg, chief financial officer, whose industry knowledge stems from a previous role at AT&T Wireless Services, Inc. (NYSE: AWE) as the Director - Advanced Network Services.
The company completed its initial round of funding in May from corporate and institutional investors for an undisclosed amount. In addition, Loop Technologies, Inc. has secured $50 million in additional financing from Cisco to be used for the integration of Cisco networking products and services into their next generation IP network.
Loop Technologies, Inc. is a high-speed broadband access provider using advanced wireless technology. Loop Technologies, Inc. will offer its customers increased access speed, more connectivity options, faster deployment and lower installation costs than traditional hard-wired services.
