| Press Releases
Interquest Communications
receives additional follow-on funding of $1.75M from ComVentures
to expand growth in the MDU broadband services markets.
Company deepens operations in
7 western states with additional acquisitions in its sights.
Interquest Communications, a leading
provider of broadband Internet services to the multi-family
real estate industry, today announced that it has received
an additional $1.75 million of funding provided by ComVentures,
a leading communications venture firm. The money will be
used for additional acquisitions, operations and marketing
of broadband services to apartments, and condominiums. Interquest
broadband services are now available to apartment and condominium
residents in Seattle, Portland, Salt Lake City, Dallas,
The San Francisco Bay Area, Phoenix, Tucson, Denver, and
Southern California.
Interquest has successfully deployed its site-based high-speed
Ethernet and DSL services in over 85 multi-family communities
owned and operated by some of the nation's largest property
management firms since September when it acquired assets
of several defunct service providers. "Initial feedback
from property owner clients and their residents has been
tremendous, in most cases there wasn't another provider
to step in and pick up the demand leaving many communities
without a good solution." stated CEO Glenn Meyer. "This
additional funding provides us with the ability to move
quickly when other network acquisition opportunities arise."
According to Interquest's Chief Operating Officer, Doug
Woods, "Our growth is occurring on a pace that's in line
with our initial expectations. We've implemented the processes
and management controls necessary to insure excellent service
delivery and at the same time, proven the operations model
is real. Our focus is to grow concentrically within our
existing markets and acquire assets and a customer base
that provide us with a critical mass within new markets
to justify being there from day one."
"Interquest has succeeded in creating a very high level
of care and delivery in their service offering and provides
the MDU markets with a forward looking technical solution
nicely filling the void left by the bankrupt companies,"
stated Carl Bonner, Vice President MIS at Post Properties.
"Interquest has hit all of the milestones that we originally
set forth for additional funding, confirming our expectations
that the marketplace would eagerly adopt a well-run, service
oriented ISP. In addition, the well-seasoned management
team has proven they are up to the challenge of leading
in this market space," said Cliff Higgerson, General Partner
at ComVentures. "We are excited at the prospects of this
industry segment and at the progress that has been made
in such a short period of time."
About Interquest Communications, Inc.
Interquest is a leading provider of broadband Internet services
to the real estate industry including both multi-family
and commercial office buildings. The company is headquartered
in Seattle, Washington and maintains a regional office in
Walnut Creek, California.
More information on Interquest and its services can be found
at www.Interquest.net, or by contacting Interquest headquarters
in Seattle, Washington, at 206-574-5460.
About ComVentures
ComVentures, based in Palo Alto, California, is a venture
capital firm managing over $1.2 billion in capital. ComVentures
invests exclusively in early-stage communications and Internet
companies focusing on three specific communications sectors:
network infrastructure, software and services. For more
information, please visit www.comventures.com.
Interquest Corporate Contact:
Glenn Meyer
Interquest Communications
(206) 574-5480
gmeyer@Interquest.net
ComVentures Contact:
Tami Bhaumik
tbhaumik@comventures.com
(650) 325-9600
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