Michigan Broadband Launches Fiber-Optic Network in St. Ignace
MachTen, Inc. announced the launch of fiber-based broadband services in St. Ignace, Michigan. The project includes high-speed internet, advanced voice tech, and a TiVo-based video platform. The company plans to expand its fiber network to cover over 9,000 locations by the end of 2024. First-quarter revenues reached $4.4 million, showing growth from the previous year. MachTen is investing in its network and strategic markets, aiming to provide a complete communication bundle in northern Michigan.
Successful launch of fiber-based broadband services in St. Ignace, Michigan
High-speed internet speeds of 1 Gigabit per second and advanced voice technology offered
Activated a proprietary TiVo-based video platform with 200+ channels on multiple devices
Planned expansion of fiber passings to exceed 9,000 by the end of 2024
First-quarter revenues increased to approximately $4.4 million, up from $3.9 million in the prior year period
Potential financial risks associated with significant investments in network expansion
Dependence on successful deployment of complete communications bundle in northern Michigan
Need for sustained growth in subscriber numbers to support revenue growth
TRAVERSE CITY, Mich., May 06, 2024 (GLOBE NEWSWIRE) -- MachTen, Inc. (“MACT” or the “Company”) (OTC: MACT) today announced the successful launch of fiber-based broadband services in St. Ignace, Michigan.
Michigan Broadband has started activating new customers on the Company’s state-of-the-art fiber network that passes more than 2,000 residential and business locations throughout the City of St. Ignace. Michigan Broadband began construction of this 50-mile project in early January.
In addition to offering broadband Internet speeds of 1 Gigabit per second and advanced voice technology, Michigan Broadband recently activated a proprietary TiVo-based video platform that offers 200+ channels on multiple devices. The Company plans to begin offering mobile phone service this summer as part of a complete communications bundle that will be deployed across northern Michigan.
MachTen is in the early stages of making significant investments in its incumbent network and in strategic growth markets, funded in part by participation in Enhanced-ACAM and several RUS ReConnect America grants.
Fiber passings are on track to exceed 9,000 by the end of 2024, up from 1,500 at the start of 2023. The Company’s next project will bring fiber optic service to Drummond Island.
For the first quarter of 2024, MachTen’s revenues were approximately
About MachTen, Inc.
MachTen is a holding company for Michigan Broadband Services, Upper Peninsula Telephone Company (UPTC), Michigan Central Broadband Company (MCBC), and Alpha Enterprises Ltd. MachTen’s subsidiaries provide broadband internet access and communications services, including voice, video, home automation and managed hosting services. Investors should refer to filings that have been posted to www.machteninc.com
| Contact: | Dan Miller |
| Chief Executive Officer (914) 921-5193 | |
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