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WiMAX provider secures standby funding
Stephen Withers
Friday, 27 April 2007 13:41
"This stand by equity facility with Cornell and the receipt of funds from our partner Mitsui will result in an immediate reduction in cash outflow of $0.5M per annum," said Unwired CEO David Spence.
“With these funding facilities in place the Company is ready for any regional network build under its AUSalliance agreement and network transition to mobile WiMAX. This transition ensures our network and our business are WiMAX ready when laptops and other mobile devices with mobile WiMAX chips become commercially available in early 2008."
Unwired currently operates a proprietary wireless broadband network. Along with partner Austar, it holds most of the Australian licences for the spectrum used for WiMAX. The company's move to mobile WiMAX is being timed for the arrival of devices based on new chipsets from Intel. Manufacturers expect to receive sample chips late this year.
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