Albany, NY - February 19, 2004 - Tech Valley Communications (TVC), the only locally owned, facilities-based CLEC (Competitive Local Exchange Carrier) in the Tech Valley Region, today announced another year of strong results for 2003, clearly bucking the downward trend and several years of upheaval in the telecommunications industry. Revenues in 2003 grew 34.7% on a very strong existing revenue base; the company continued to increase profitability for three years running; and, with its unique commitment to the Tech Valley community expanded its staff, customer base and regional reach.
TVC's continued success in 2003 resulted from its expansion into new markets, including the Glens Falls' region, its emergence as one of the region's most reliable communications providers; its increasingly sound financial position; and the numbers of new, high-profile customers moving to TVC and away from national providers or financially-troubled regional providers.
Kevin O'Connor, CEO, said, "Despite widespread contraction in the industry and the reality of so many of our competitors literally going out of business, we continue to not only survive, but year after year to grow and expand our operations and client base. In fact, as a profitable CLEC, we are a 'maverick' in the industry, and a sure bet for the companies, universities and research centers of Tech Valley seeking highly-sophisticated voice and data services for the long term."
Business Highlights of 2003
* Expanded service into the fast-growing Glens Falls' region, and began implementation of network expansion into several new cities, including Saratoga Springs, Latham, East Greenbush, Amsterdam and Schenectady.
* Increased access line equivalents to 17,000, expanding service capabilities and redundancy for consistent uptime and performance
* Signed on new customers, representing some of the fastest-growing companies and organizations in Tech Valley, including Hudson River Bank and Trust Company, Albany Molecular Research, Sage Colleges, and University Heights.
* Achieved recognition as the "Rising Star" in the 2003 Technology Companies of the Year Awards
* Raised $2.0 million in equity and bank financing to ensure growth and expansion.
O'Connor added, "As we continue to grow profitably and increase our footprint in the expanding Tech Valley region, we will play a major role in building the new communications infrastructure needed for the next wave of economic growth. We share the top priorities of the region for sophisticated communications and are providing them with a growing staff of expert industry professionals and reliable products and services. Finally, we are here for the long term, as an advocate for transforming our community into one of the leading high tech clusters in the nation."
Tech Valley Communications, headquartered at 87 State Street in Albany, has 50 employees in three locations in the Tech Valley Region.
About Tech Valley Communications (TVC)
Tech Valley Communications (TVC) is a Competitive Local Exchange Carrier (CLEC), formed in 1999. TVC is the only locally owned, facilities-based telecommunications provider headquartered in upstate New York's Tech Valley. TVC offers a full range of local and long distance voice services, data, and high-speed and dial-up Internet services at competitive prices.
TVC has experienced steady, organic growth and has expanded its local presence through the successful acquisition of GFC Communications in 2000 and its combination with Mid-Hudson Communications in August 2002. TVC now operates its own switching facilities and an extensive fiber network throughout the Tech Valley Region. Currently TVC employs approximately 60 people at its various locations in downtown Albany. Its employees, senior management, and Board of Directors are all residents of the Tech Valley Region, and are committed to providing the highest quality service and value to its customers.
