RUSHVILLE, Ind., Oct. 29, 2009 (GLOBE NEWSWIRE) -- Omnicity Corp (OTCBB:OMCY), the Midwest's largest and fastest growing fixed Wireless Internet Service Provider, today issued a formal corporate update summarizing the milestones achieved and the status of Omnicity's aggressive fiscal 2010 growth plan through acquisitions and organic growth.
David Bradford, Chief Operating Officer of Omnicity, stated, "In the first 8 months, since completing our public listing, we proved our acquisition model works very well. We have completed five acquisitions and integrated them into Omnicity operations very smoothly. All these acquisitions were highly accretive, coming over with high operating margins, and some of them yielded high quality employees as well. We have a number of additional acquisitions in various stages of closure, with more to follow, and expect to close and integrate them with the same fine results. These acquisitions alone, combined with an aggressive set of sales and marketing campaigns, should put us well in excess of 11,000 subscribers and annualized running rate revenue of well over $5 million by the end of the next fiscal year."
Omnicity's plan of operations through its 2010 fiscal year is to:
* complete further debt and equity offerings of $5,000,000 and build our current ratio of 1.5:1 by December 31, 2009; * complete several acquisitions to double our subscribers to over 11,000 and double our revenue to $1,300,000 per quarter; * develop and expand, through organic growth, the subscriber base through our sales and marketing program; * acquire and transition into our operations assets of competing WISP operators and expand our network into all of Midwest USA; * reach operationally cash flow positive and build a liquidity floor under operations of $100,000 minimum by December 31, 2009; * continue to partner with Rural Electric Membership Cooperatives "REMCs", local and State governments, Rural Telcos and Original Equipment Manufacturers "OEMs" to efficiently and cost effectively expand our network across rural America; * develop and expand our service offerings to become a total broadband solution; and * complete a further staged equity offering of $10,000,000 by July 31, 2010 followed by an application to list on a senior stock exchange.
About Omnicity:
Our vision is to be the first broadband service provider to expand its network across rural America
Omnicity Corp is a public company based in Indiana providing broadband access, including advanced services of voice, video and data, in un-served and underserved small and rural markets and is planning to be the premier consolidator of rural market broadband nationwide. Omnicity's strategy is to provide a total broadband solution and continue rapid growth through acquisitions, organic growth and continue to partner with Rural Electric Membership Co-ops and Rural Telephone Companies. Omnicity has an experienced broadband operations team with extensive wireless broadband/ISP expertise as well as the expertise to consolidate large numbers of businesses through its roll-up strategy.
Forward-looking statements, made pursuant to safe harbor provisions of the PSLR Act of 1995, inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for changes after the date of this release.