NOW Corp. said Friday its board approved a fund-raising initiative that could generate for the broadband and information technology service company as much as USD40 million to fund a major infrastructure project.
The listed company, which provides software licenses and services, IT manpower and resource augmentation, and broadband and wireless cable TV services, including broadband networks, cloud hosting services, virtual private networks, multimedia content, online gaming and other services, said the capital raising exercise will be undertaken through a combination of borrowing, public offering and other financing programs.
The fresh capital, NOW said, will finance the Public Safety and Critical Communications infrastructure for use of government, military, public safety units, as well as enterprises and organizations categorized as part of the 16 critical infrastructure sectors.
“This infrastructure project shall implement the provisioning of communications hardware, software, and services that these entities could avail of and connect their own private communications network for seamless interconnectivity that is secure, reliable, and compliant with the Trusted Network Initiative,” the company said.
Now said its affiliate, NOW Telecom Co., Inc., has designed this infrastructure and will drive its operations as part of its partnership with American, European, and Indo-Pacific technology partners.
