At its March 19, 2015 meeting, the Board of Directors of FAME approved 90% loan insurance on a $4 million loan by Camden National Bank
to Redzone Wireless, LLC
(“Redzone”), which is located in Camden. The financing will be used for capital for the company’s start-up operations. FAME’s action is expected to help spur development of wireless broadband service that may dramatically improve broadband Internet speeds and ultimately reach over 90% of the state’s population. FAME’s financing also is expected to help Redzone create and retain approximately 18 Maine jobs in the near future.
“FAME is pleased to support Redzone with its plans to develop improved access to broadband Internet for Maine homes and businesses,” stated FAME Chief Executive Officer Bruce Wagner. “We know how important Internet access and speed are to Maine’s economic development and to its citizens in both rural and urban areas. FAME’s financing should help provide a much-needed boost for development of this important infrastructure.”
“We are honored to be partnering with FAME and Camden National Bank on this important financing,” said Jim McKenna, Redzone President & CEO. “This approval will allow us to demonstrate the potential of our wireless technology, the strength of our business model, and our alignment with the broadband and economic development goals of the state of Maine.”
Redzone was formed to provide premium wireless broadband services to residential and business customers in the state of Maine. The company is developing a powerful state-of- the-art 4G Long-Term Evolution (LTE) advanced high-performance wireless broadband network operating on a Federal Communications Commission (FCC)-licensed Educational Broadband Services (EBS) spectrum. Redzone has entered into an exclusive long-term agreement with the University of Maine to access its spectrum and expand 4G LTE wireless Internet service to University locations statewide.
Redzone Wireless will begin offering broadband service plans via its website (www.redzonewireless.com) within selected coverage areas in April of 2015. All Redzone 4G LTE broadband subscribers will have access to plan choices that meet or exceed the latest broadband speed standards of both the FCC and ConnectME Authority