SOURCE: Urban Communications Inc.

Urban Communications Inc.

February 07, 2017 06:30 ET

Urban's Preliminary End of Year Results Highlight Revenue and Network Growth

Urban's revenue grew by 102% year-over-year as a result of focusing on commercial and enterprise services

VANCOUVER, BC--(Marketwired - February 07, 2017) - Urban Communications Inc. (TSX VENTURE: UBN) one of the country's first telecommunications companies to deliver Gigabit Internet service to the home, today announced selected preliminary unaudited financial and performance results for the twelve month period ended December 31, 2016, that highlight significant network and revenue growth.

Audited financial results for the twelve months ending December 31, 2016, will be released in April 2017. The information contained herein may change based on final results.

Urban preliminary 2016 results:

  • 102% increase in total revenue in fiscal 2016 over fiscal 2015
  • 132% increase in exiting run rate revenue from 2015 (the last month of the fiscal year multiplied by 12 months)
  • 64 new buildings added to the network: 107 total buildings connected
  • 9.3 km. of new fibre acquired in downtown Vancouver which will add 100 commercial buildings over 18 months, 26 of which have already been connected

"We are pleased with the Company's pace of growth, especially the growth in revenues of 102% year- over-year due primarily to our increased efforts in the commercial and enterprise markets," said John Farlinger, Urban's CEO. "We continue to focus on increasing monthly recurring revenue through multi- year contracts with the commercial and enterprise market, and adding new building into our network, all of which will help the Company to develop and continue to create shareholder value."

Urban's carrier grade fibre optic network is the ultimate choice in high performance and reliable data network services for any business. With the most competitive pricing, the highest speeds and data transfer limits on Internet plans, guaranteed SLAs, and a legacy-free, congestion-free network architecture, our Internet, Ethernet, private and managed MPLS network services are the best performing services in our market.

For more information about Urbanfibre or to sign up for service, please visit www.urbanfibre.ca.

ABOUT URBAN COMMUNICATIONS INC.

Urban Communications Inc. (TSX VENTURE: UBN) is a telecommunications company providing a full suite of Internet, voice, video and broadband application products over its 300 km. state-of-the-art carrier grade fibre optic network in Metro Vancouver and Victoria to commercial, residential and public sector customers. Urban has recently launched high-speed Internet service to residential and commercial subscribers on its network at 1,000 Mbps (1 Gbps).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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