GREENVILLE, S.C - iOnosphere announced today that it has received $1.25 million in funding from Trelys Venture Partners, a venture capital firm located in Columbia, South Carolina. iOnosphere's current business plan is now fully funded and the Company has recently enjoyed some major successes.
2002 is off to a great start with gross profit growing by over 30% per month from November to January and positive EBITDA in January and February. iOnosphere expects 2002 to be profitable with revenues over $60 million.
"We have raised $7 million of capital since November in today's crazy telecom environment and our current business plan is fully funded. Unlike many of today's telecom ventures, we are thankful to have the rare trilogy of capital, profitability, and a motivated and passionate team! Our internal team of iOn "partners" and our other shareholders are the best and we are excited to confirm their faith by being the initial investment of Trelys Venture Partners and by adding Adrian Wilson, a managing general partner of Trelys, to our Board," remarked Leighton Cubbage, Chairman and Chief Executive Officer of iOnosphere.
Headquartered in Greenville, South Carolina, iOnosphere leverages established international relationships and fosters new ones to develop and expand its controlled, state-of-the-art network into strategic telecommunications markets primarily in Latin America, Africa, Asia and the Middle East and delivers high quality long-distance services to destinations throughout the entire world.
Trelys Venture Partners is a recently formed venture capital firm with a unique niche concentration of high-growth companies located primarily in South Carolina, North Carolina and the surrounding region. The Company's focus is early to middle staged financing in a variety of industry sectors.
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