Terago Inc., a provider of wireless data connectivity to businesses, will soon launch its local phone service in some Canadian cities,
Company CEO Bryan Boyd told finanial analysts Thurday morning. There were no details on what cities or on pricing.
The company also said had record first quarter revenues but is still in the the red.
Revenue for the quarter ending March 31 was $8.9 million,TeraGo , up four per cent compared to the same period a year ago. It added 86 net customer locations in the first quarter, ending the period with 4,829 customer locations in service. This compares to 68 net additions in Q1 2009 and 74 in the fourth quarter of 2009. In the quarter the company also recorded a second contract with an unnamed new wireless entrant, believed to be Public Mobile. That second contract was announced in March.
TeraGo had gross profit of $6.6 million in the first quarter, but ended with a net loss of $1.5 million.
“We are excited about our growth prospects in 2010,” Boyd said in a news release. “Our investments towards future growth have already resulted in a 20 per cent increase in new sales activity during the first quarter and we are looking forward to launching a competitive voice service to Canadian businesses.”
Boyd told financial analysts that TeraGo recieved permission for the local phone service this week from the federal telecom regulator, the Canadian Radio-Television and Telecommunications Commission.
