Expansion Plans Made After Denver Wireless Internet Provider Sold
Ricochet also will cut its prices and add more than 300 retailers to sell the product, as well as add mall kiosks.
By Jennifer Alsever Beauprez, The Denver Post
Dec. 5--Struggling Denver wireless Internet provider Ricochet Networks Inc. has been sold to EDL Holdings Inc., which plans to expand the network to Boulder and Castle Rock in the next few months.
The new Ricochet will hire 30 people in Denver, many of whom the company recently laid off. The new company said Thursday it expects to double its number of employees over the next year.
Last month, rumors circulated that Ricochet was on its last leg, had laid off the last of its employees and was liquidating assets after five unsuccessful months of seeking a partner or financing.
The company was saved by EDL, owned by Victor Mitchell Family L.P. Victor Mitchell is the chief executive and founder of Advantage Wireless, a Centennial- based wireless phone and service distributor.
Mitchell was unavailable for comment Thursday. Ricochet officials did not return phone calls. Sale terms were not disclosed.
EDL Holdings plans to expand coverage in Ricochet's two markets, Denver and San Diego, by 50 percent in the next few months.
Ricochet also will cut its prices and add more than 300 retailers to sell the product, as well as add mall kiosks.
This marks the second rebirth of Ricochet. In 2001, Denver-based Aerie Networks bought Ricochet out of bankruptcy from Metricom Inc. and relaunched it by targeting people who couldn't otherwise get high-speed Internet. But competition increased and the company's expansion plans stalled.
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Posted by Craig at December 6, 2003 03:02 PM