TRAVERSE CITY, Mich., May 06, 2024 (GLOBE NEWSWIRE) -- MachTen, Inc. (“MACT” or the “Company”) (OTC: MACT) today announced the successful launch of fiber-based broadband services in St. Ignace, Michigan.
Michigan Broadband has started activating new customers on the Company’s state-of-the-art fiber network that passes more than 2,000 residential and business locations throughout the City of St. Ignace. Michigan Broadband began construction of this 50-mile project in early January.
In addition to offering broadband Internet speeds of 1 Gigabit per second and advanced voice technology, Michigan Broadband recently activated a proprietary TiVo-based video platform that offers 200+ channels on multiple devices. The Company plans to begin offering mobile phone service this summer as part of a complete communications bundle that will be deployed across northern Michigan.
MachTen is in the early stages of making significant investments in its incumbent network and in strategic growth markets, funded in part by participation in Enhanced-ACAM and several RUS ReConnect America grants.
Fiber passings are on track to exceed 9,000 by the end of 2024, up from 1,500 at the start of 2023. The Company’s next project will bring fiber optic service to Drummond Island.
For the first quarter of 2024, MachTen’s revenues were approximately $4.4 million, up from $3.9 million in the prior year period. Fiber-based internet subscribers were 1,005 at the end of March, compared to 505 at the end of March 2023. MachTen will issue further details on its financial results as soon as practicable.
About MachTen, Inc.
MachTen is a holding company for Michigan Broadband Services, Upper Peninsula Telephone Company (UPTC), Michigan Central Broadband Company (MCBC), and Alpha Enterprises Ltd. MachTen’s subsidiaries provide broadband internet access and communications services, including voice, video, home automation and managed hosting services. Investors should refer to filings that have been posted to www.machteninc.com
| Contact: | Dan Miller |
| Chief Executive Officer (914) 921-5193 | |
