Sep 27, 2001 : Mpower Comments on Company Future

📅 September 27, 2001 - Mpower Holding Corporation, the parent company of Mpower Communications Corp. (mpowercom.com), stated that due to current revenue trends resulting from the further deterioration in the overall U.S. economy and continuing weakness in the telecom market, it can no longer affirm that its business plan is fully funded. However, with its cash balance of $277 million through the end of August, Mpower believes it has sufficient funding into early 2003.

"Our current forecasts indicate that Mpower has sufficient cash to fund ouroperations through the beginning of 2003. However, given the recent revenuetrends, we are no longer confident that our business will scale at the ratenecessary to support a fully funded business plan and now believe we willneed additional funding by early 2003," explained Mpower CEO Rolla P. Huff.
"We continue to strongly believe in Mpower, our people and our businessmodel and remain comfortable with our previously announced guidance for fullyear 2001."
Mpower is actively working with its financial advisor Rothschild Inc. toevaluate strategies to strengthen its balance sheet including possible debtreductions through bondholder negotiations, or additional funding fromequity sources or senior secured lenders.
Mpower also said yesterday that due to the company's stock price, it hasreceived notification from Nasdaq indicating that it has until mid Novemberto meet the requirements to continue trading on the Nasdaq National Market.

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