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PipingHot Networks Announces Restructuring Of Business
Added: (Wed Aug 01 2001)
1 August 2001
PipingHot Networks Announces Restructuring of Business
www.pipinghotnetworks.com
PipingHot Networks today announced a restructuring of its business to adapt to current market conditions. In conversations with many fixed wireless operators around the globe, it has become increasingly apparent that the recent movement in the market has caused expectations for an upturn to be pushed out.
“We believe that significant mass deployment in the area of 3.5GHz fixed wireless will now occur towards end 2002, start 2003” explained Greg McCray, COO. “There is still tremendous confidence in the viability of the market, the only aspect which has changed is that of timing”
PipingHot Networks will leverage its current products, which are ready for market, and concentrate on building key partnerships to create a portfolio offering to satisfy the demands of global operators. PipingHot was first to market with its non line of sight offering and is well positioned with its current, ready to deploy outdoor radio units to take advantage of future market upturn.
As the Company focuses, it expects to reduce its workforce by around a third. However, PipingHot Networks wants to fully consult with its staff about the proposed restructuring before making any final decision as to possible staff reductions.
Hossam Galal, Director, of The Carlyle Group, a major investor in PipingHot added “Successful companies adapt to difficult market conditions. The telecom sector and the Fixed Wireless Access market is going through a hard time however we are confident that companies such as PHN with differentiated products addressing Service Provider needs will emerge as winners”
“There is huge pent-up customer demand for broadband access solutions,” commented Graham O’Keeffe, a Principal at the London office of Atlas Venture and director of PHN. “It is recognised that existing technologies such as DSL and cable modems cannot provide the coverage necessary to fully satisfy the needs of consumers, business, and Government. Wireless solutions such as those developed by PipingHot will play an increasingly important role as the market for broadband services matures.”
ends
For further comment please contact Manda Rigby, Director of Marketing on
+44 (0)1364 655556 or email to manda.rigby@pipinghotnetworks.com