8 Feb 2006
Rosh-Ha'ayn, Israel - February 8, 2006 - MainNet Communications, the pioneer and international leader in broadband power line communication technology (“BPL” or “PLC”), today announced that the Company has experienced a renaissance on all fronts - with a significant equity investment made by the McGehee Group LLC, 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.
The equity investment will amply fund Mainnet through deployment of its proprietary PLUS (Power Line Ultimate System) technology in locations throughout the U.S.,Europe, and other parts of the world. Prior to the closing of the investment last week, the McGehee Group provided Mainnet, over the past year, with ongoing funding to enablethe Company to focus on developing its next generation products and to prepare for mass market launches.
Mainnet's PLUS technology will continue to enable power utilities and telecommunications operators to provide competitive broadband access services over a utility's existing infrastructure, by offering a cost-effective solution. Mainnet's products are already commercially deployed in many markets throughout the world including: the City of Manassas, VA, Manheim, Germany and Linz Austria, to name just a few. The Company 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.
Setting strategy for Mainnet, is a Board of Directors of distinguished individuals with a track record that will firmly position the company for prosperity, including:
James McGehee stated, “Our involvement with Mainnet during the past year, culminating in our acquisition of a majority interest in the company, has only reinforced our belief that Mainnet possesses the most advanced solutions in this burgeoning market. We financially enabled the company to continue to develop a highly specialized product pipeline that will enable the delivery of broadband access, VoIP and video on demand, concurrently providing utilities the ability to benefit from all the attributes of an intelligent grid.”
“With the Company's new financial strength, a highly-skilled management team coming on board, and a backlog of orders, Mainnet can and will exceed our expectations and is poised to be a market leader in this lucrative broadband access market,” McGehee concluded.