Message #13 From:
Stock News Bot Date: July 27, 2009 08:09:34 AM
Rapid Link Awarded Approximately $2.8 Million Grant From the California Advanced Services Fund (CASF)
CASF
Funding to Accelerate Broadband Services Delivery to Five Counties;
Company to Seek Additional Funding Through ARRA Broadband Stimulus
Programs
OMAHA, NE -- (Marketwire) -- 07/16/09 -- Rapid Link Incorporated (OTCBB: RPID stock news) announced
today it has received a grant from the California Advanced Services Fund
(CASF) of approximately $2.8 million in matching funds. The grant will
support the expansion of Rapid Link's broadband network footprint as part
of its "Mother Lode" project, which will bring advanced broadband services
to five counties in Northern California.
The CASF was established by the Public Utilities Commission of the State of
California in 2008 to provide matching funds of up to 40% of the total
project costs for the deployment of broadband infrastructure in unserved
and underserved areas in California. Rapid Link's application for funding
under the CASF was chosen among more than 50 project proposals submitted to
the Commission since 2008.
"This funding is a significant milestone in our efforts to bring broadband
communications services to more communities, business and homes," said
Chris Canfield, Chief Executive Officer, Rapid Link Incorporated. "Through
the CASF program, the State of California has demonstrated its commitment
to bridging the digital divide and offering its constituents better access
to and better selection of telecommunications services."
In addition to its networks in California, Rapid Link operates wide-area
broadband networks in Georgia, Missouri, Nebraska, and Washington, DC. The
Company intends to seek additional funding through the ARRA Broadband
Stimulus Program, which includes the National Telecommunications and
Information Administration (NTIA) Broadband Initiatives Program (BIP) and
the United States Department of Agriculture (USDA) Rural Utilities Service
(RUS) Program.
About Rapid Link Incorporated
Rapid Link Incorporated is a Diversified Communication Services company,
supplying bundled internet and voice services to Business and Residential
customers. Rapid Link offers broadband access via its own facilities to
ensure fast and reliable delivery of its content. As a leading licensed
WiMAX carrier, Rapid Link is on the cutting edge of this exciting new
technology. We are one of the only carriers that can offer an end-to-end
solution for our customers without a dependency on any other company's
resources.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: With the exception of historical information, the statements set
forth above include forward-looking statements that involve risk and
uncertainties. The Company wishes to caution readers that a number of
important factors could cause actual results to differ materially from
those in the forward-looking statements. Those factors include, but are not
limited to, risks and uncertainties such as the failure to satisfy
contractually agreed upon closing conditions that may delay or prevent the
closings of subsequent debt financings contemplated by the applicable
agreements; the risk factors noted in the Company's filings with the United
States Securities and Exchange Commission, such as the trading price of the
Company's common stock reaching levels that would cause funding to occur;
the rapidly changing nature of technology, evolving industry standards and
frequent introductions of new products, services and enhancements by
competitors; the competitive nature of the markets for the Company's
products and services; the Company's ability to gain market acceptance for
its products and services; the Company's ability to fund its operational
growth; the Company's ability to attract and retain skilled personnel; the
Company's ability to diversify its revenue streams and customer
concentrations; and the Company's reliance on third-party suppliers.
Contact:
Investor Relations
Rapid Link Incorporated
Tel.: 402-392-7561