August 5, 2008
Peerless Network LLC Closes on Additional Equity Investment
Peerless Network LLC, a provider of services that simplify interconnecting voice and data traffic across disparate networks, today announced that the company's initial investors have executed their option to increase their investment in the company. With this backing, Peerless Network is fully funded for new market expansion without seeking additional capital. As such, the company will use the funding to accelerate company growth and address increasing market demand, starting in two new markets, Atlanta and Miami.
"The Peerless Network philosophy is simply this: true competition in the marketplace benefits everyone," said John Barnicle, CEO and president of Peerless Network. "To have previous investors provide additional funding that resulted in a 27 percent increase in valuation since January 2008 underscores the ongoing high level of confidence in our ability to stake our claim and successfully compete in the marketplace. Neutral Tandem's (Nasdaq:TNDM) attempts to thwart competition through litigation roadblocks will not deter us from bringing innovative services to our existing and future customers."
"The support of our customers in our existing markets has exceeded our expectations and has laid the ground work for our expansion into Miami and Atlanta. In fact, these cities were selected as a result of direct customer requests," said Rick Knight, executive vice president of sales and marketing of Peerless Network. "We are already certified and have interconnection agreements in Georgia and Florida, enabling us to hit the ground running and meet our customers' requirements in record time."
Peerless Network offers a broad range of services to carriers and non-carriers alike, with reliable and cost-effective solutions to seamlessly interconnect or peer across multiple and diverse networks, regardless of protocols or traffic types.
About Peerless Network
Peerless Network is a fully funded, privately held company focused on simplifying the interconnection process for other telecommunications service providers via a wide range of innovative services. Based in Chicago, the company currently delivers services in Chicago, New York, Philadelphia and St. Louis. Peerless Network expects to be in a dozen major markets by late 2008 -- increasing market presence three-fold. More information is available at www.peerlessnetwork.com.