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Islanet, Inc., Rio Piedres, PR In March 2001, DCC Growth Fund led the second round of venture financing received by this early growth stage Puerto Rican Internet and wireless broadband data service provider. DCC Growth Fund acquired a 12.8% interest in Islanet when it provided $1,750,000 of the $5,000,000 financing package that was used to repay bridge financing and for working capital. Seven investors participated in this round of financing that is in the form of 8% Series-C Cumulative Convertible Preferred Stock. On March 7, 2003, DCC Growth Fund provided an additional $44,728 to Islanet that, together with the $869,840 of bridge financing in 2002 and $37,572 in 2003 and $101,837 of accrued interst thereon, along with the original $1,750,000 Series-C Preferred Stock, were exchanged for 25,735,201 shares of Series-D Preferred Stock. Islanet is primarily a B2B provider of high-speed data transmission over a broadband fixed wireless frame relay backbone using unlicensed spectrum (Airlink) in Puerto Rico. The Company also provides other value-added services to its AirLink corporate clients. In October 2000, the Company was licensed to be a Competitive Local Exchange Carrier (CLEC). The CLEC status is important because it gives Islanet interconnection to Puerto Rico Telephone Company services at any feasible point; access to poles, ducts, conduits and rights-of-way; physical co-location and other rights. Last mile connectivity is a gateway to a substantial customer base and profitability. Islanet has over 5,700 Internet Service Provider customers; however, this activity is being de-emphasized. The Company's employment has grown to 56 employees and is located in an LMI area. For more information click on the link to the company
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