Aircell Secures $176 Million of Equity Financing New Round to Fund Continued Growth Strategy of Aircell and Gogo Inflight Internet Service
ITASCA, Ill., Jan. 21 /PRNewswire/ -- Aircell®, the world's leading provider of airborne communications, today announced the completion of the private placement of equity securities totaling $176 million to new and existing investors. Proceeds of the financing will be utilized to provide funding for capital investments for network expansion and operating needs during this rapid growth phase of the business.
"We are proud to have the support of our existing investors and to be able to add new investors in the midst of the challenging global financing market," said Ron LeMay, Aircell President and CEO. "This substantial capital raise is a strong endorsement of our business achievements to date. Aircell is well positioned to continue its ongoing aircraft deployment and rapid acceleration in customer adoption of Gogo throughout 2010 and beyond."
Over the past year, Aircell has steadily increased the daily number of airplanes deployed with Gogo, and today is providing service on more than 700 commercial aircraft, with commitments from a total of nine airlines.
Aircell® is the world's leading provider of airborne communications. As winner of an exclusive FCC frequency license in 2006, Aircell has built a revolutionary mobile broadband network for commercial and business aviation. In 2008, the Aircell Network and its inflight portal, Gogo®, revolutionized the commercial airline passenger flight experience by delivering a robust Internet experience at 35,000 feet. In addition, the Aircell Network provides airlines with connectivity to operations and a path to enhanced cabin services such as video, audio, television and more. A similar feature set is available to Business aircraft operators. Aircell has facilities in Broomfield, Colorado, and Itasca, Illinois. Aircell's vision is to give everyone the ability to stay in touch, in flight®. For more information about Aircell, please visit www.aircell.com.
Gogo®, powered by Aircell, turns a commercial airplane into a Wi-Fi hotspot with true inflight Internet access. Passengers with Wi-Fi enabled devices, such as laptops, smartphones and PDAs, can surf the Web, check e-mail, instant message, access a corporate VPN and more. For more information about Gogo, please visit www.gogoinflight.com. You can also follow 'gogoInflight' on Twitter (www.twitter.com/gogoinflight) and Facebook (www.facebook.com/gogoinflight).
Aircell, Gogo and in touch, in flight are trademarks of Aircell or its affiliates. All rights reserved.
Gerald Kimber White
SOURCE Aircell LLC