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Technology / AI and automation

FIBERCORP SIGNS LETTER TO ACQUIRE COMMUNICATION TECHNOLOGY FOR $18m

Delray Beach, Florida-based Fibercorp International Inc has a letter of intent to acquire Communication Technology Cos Inc of Jacksonville, Florida, paying 6.5m new shares and putting a current valuation on the deal of about $17.9m. The target company designs, constructs and installs fibre-to-the-kerb networks – enabling phone companies to upgrade the local loop more cheaply than running fibre right into the home – and provides digital mapping and engineering management services; it is itself negotiating to buy two other companies that provide network installation and integration, maintenance and support services to Bell operating companies, large fibre carriers, competitive access providers, financial institutions and large private networks. Combined 1994 sales of the two are about $28m. Fibercorp has hired American Trust Securities Corp to help it raise $6m new capital – a condition of the deal. .pl 73

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