NetComm Raises $1.6m for DSL Rollout
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NetComm made a share placement of 6,150,000 shares at 27 cents per share. In the next two months NetComm and Alcatel will finalize their business plan, within which Alcatel will provide a "turnkey solution" for NetComm, initially rolling out in Sydney and Melbourne. NetComm claimed the network would extend to other capital cities and regional centers, reaching over 180 exchanges nationwide within three years. Deployment will start in late 2000, with service expected to start in the first quarter of 2001.
Netcomm plans to target both SME and residential markets. It will promote sales of broadband services over the network to its current customer base, planning to direct users of its modems to online material about the DSL offering.
The DSL network rollout follows an agreement signed in March between Alcatel and technology start-up Van Gogh Investments, now being acquired by NetComm.