Jul, 2001 : Yipes Wins Rights to Serve 3,500 Buildings Nationwide
📅 - Yipes Communications, Inc. (yipes.com), a provider ofscalable bandwidth on demand, announced Wednesday that a federal bankruptcycourt has approved Yipes' bid to acquire rights to serve more than 3,500office buildings nationwide. The rights were formerly owned by BroadbandOffice, an in-building carrier that is now in Chapter 11 bankruptcy.
In conjunction with the Delaware court proceeding, Yipes has signed accessagreements with nine major real estate entities, who own or control morethan half of Broadband Office's portfolio. These deals smooth the way forYipes to deliver high-speed data services to their tenants.
In connection with the bankruptcy court award, Yipes is also negotiatingwith nearly 20 additional major national and regional real estate entities.
"This remarkable set of agreements with many of the nations most prestigiouslandlords will dramatically accelerate the deployment of our gigabit metronetworks directly to customer premises, greatly expanding our footprint,"said Jerry Parrick, CEO of Yipes. "We look forward to a cooperative andmutually profitable relationship with these leaders of the real estateindustry."
The court's approval gives Yipes rights to serve hundreds of millions ofsquare feet of office space in two dozen markets nationwide. Aboutthree-quarters of the portfolio is Class A office space and a majority ofthe buildings are in dense urban or near-urban areas.
For its winning bid, Yipes agreed to pay $2.0 million in cash and $2.5million in equity and to forgive a $900,000 debtor-in-possession bridge loanthat Yipes made to Broadband Office. "Time-to-market is critical in thisfast-moving industry and challenging economic environment," said MichaelKennedy, managing Pprtner, Network Strategy Partners. "By successfullynegotiating master agreements with many of the nation's most prominent realestate firms, Yipes has adroitly hurdled a potential roadblock to the rapiddeployment of its popular networking services. Yipes' continuing ability toinnovate and execute speaks well for its ability to survive in today'sbrutally competitive market."
Yipes is the a national provider of fully scalable bandwidth on demand,ranging from 1 Megabit per second to 1 Gigabit per second in 1 Mbpsincrements, and serves 21 markets across the country with its optical IPnetworks.
In conjunction with the Delaware court proceeding, Yipes has signed accessagreements with nine major real estate entities, who own or control morethan half of Broadband Office's portfolio. These deals smooth the way forYipes to deliver high-speed data services to their tenants.
In connection with the bankruptcy court award, Yipes is also negotiatingwith nearly 20 additional major national and regional real estate entities.
"This remarkable set of agreements with many of the nations most prestigiouslandlords will dramatically accelerate the deployment of our gigabit metronetworks directly to customer premises, greatly expanding our footprint,"said Jerry Parrick, CEO of Yipes. "We look forward to a cooperative andmutually profitable relationship with these leaders of the real estateindustry."
The court's approval gives Yipes rights to serve hundreds of millions ofsquare feet of office space in two dozen markets nationwide. Aboutthree-quarters of the portfolio is Class A office space and a majority ofthe buildings are in dense urban or near-urban areas.
For its winning bid, Yipes agreed to pay $2.0 million in cash and $2.5million in equity and to forgive a $900,000 debtor-in-possession bridge loanthat Yipes made to Broadband Office. "Time-to-market is critical in thisfast-moving industry and challenging economic environment," said MichaelKennedy, managing Pprtner, Network Strategy Partners. "By successfullynegotiating master agreements with many of the nation's most prominent realestate firms, Yipes has adroitly hurdled a potential roadblock to the rapiddeployment of its popular networking services. Yipes' continuing ability toinnovate and execute speaks well for its ability to survive in today'sbrutally competitive market."
Yipes is the a national provider of fully scalable bandwidth on demand,ranging from 1 Megabit per second to 1 Gigabit per second in 1 Mbpsincrements, and serves 21 markets across the country with its optical IPnetworks.
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