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Telecommunications McGehee Group takes control of BPL developer Main.net
Telecommunications McGehee Group takes control of BPL developer Main.net | McGehee Group takes control of BPL developer Main.net |
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| by Stuart Corner | |
| Tuesday, 21 February 2006 | |
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Main.net described the move as "a renaissance on all fronts...a new and highly respected board of directors, an incoming experienced management team with successful track records in the private and public technology sectors, a clean balance sheet and no debt." It said that the (unspecified) equity investment would "amply fund" the company through deployment of its proprietary PLUS (Power Line Ultimate System) technology in locations throughout the US, Europe and other parts of the world. Prior to the closing of the investment last week, the McGehee Group had provided Main.net, over the past year, with funding to enable the company to focus on developing its next generation products and to prepare for mass market launches. Main.net claims that its products are already commercially deployed in many markets throughout the world including, and says it has just consummated a multi-million dollar contract to supply Brecia, Italy and expects contracts in a number of key demographic locations to be consummated in the near future. James McGehee, CEO of the McGehee Group, said: "Our involvement with Main.net during the past year, culminating in our acquisition of a majority interest in the company, has only reinforced our belief that Main.net possesses the most advanced solutions in this burgeoning market...With the company's new financial strength, a highly-skilled management team coming on board, and a backlog of orders, Main.net can and will exceed our expectations and is poised to be a market leader in this lucrative broadband access market." Since its founding in 1999, and prior to the present investment, the Main.net has raised $US12 million from local and international investors and has accrued sales over $US25 million. The company is represented in Australia by Savant Corporation but has yet to achieve any sales. The large scale BPL trial in Hobart being run by Aurora Energy uses Mitsubishi technology, which has also been chosen by Country Energy in NSW for its trials.
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