ABi Changes Name To United Network Services, Inc. (UNSi)
Completes Restructuring and Announces Francis D. John as President & CEO
United Network Services Inc., a leading provider of managed services for voice and data networks has announced strategic changes. The company has changed its name to United Network Services Inc. (UNSi) from American Broadband, Inc., has appointed a new CEO & President and completed a successful recapitalization, gearing the company for growth in the managed network services space.
UNSi announced that it has successfully completed a management reorganization and recapitalization of the company's Balance Sheet. Under the direction of the Board and Francis D. John, new President and Chief Executive Officer, the company converted a majority of its long term debt and all of its convertible preferred stock into common stock. The effect of converting the high interest debt and preferred stock greatly reduces future cash interest payment requirements and vastly strengthens the company's Balance Sheet. UNSi will now be able to invest its positive cash flow in expanding and growing the company.
In mid-April, Francis D. John was appointed President and CEO of UNSi. Mr. John has been an investor and Director of the company since 2006. Mr. John, 57 years old, has comprehensive experience in leading companies through reorganization and restructure as well as achieving successful growth through acquisitions and expansion.
Theodore Baum, Chairman of the Board for UNSi and Majority Investor, stated, "We are pleased that UNSi is now well positioned for growth, organically and through acquisitions, as a result of the company's successful recapitalization and new strategic vision. The Board is excited because Mr. John brings a wealth of experience in the areas of management, reorganization, and acquisitions in addition to his ability to gain access to capital markets for growth and expansion."
Mr. John stated, "Now that we have completed the recapitalization and strengthened the balance sheet, management can focus on the opportunities in the ever expanding voice and data network arena." Further, Mr. John stated, "I want to thank our shareholders, debt holders and employees for their contribution to the reorganization and historical success. With our committed employees and focused management team we are optimistic about the bright future of our company."
Traditionally UNSi has provided nationwide connectivity services to public and private enterprises and governmental entities using reputable relationships with over 2,000 of the finest and most respected cable, telecom, wireless and satellite partners in North America. UNSi will continue to provide connectivity to its customers and future clients with a renewed focus on growing its core business which is managed network services. Currently, UNSi provides managed networking services, integrating Managed VoIP, Managed VPN, Security and IP Video Monitoring to nationally recognized companies in the Franchise, Healthcare, Hospitality, Retail and Government markets. UNSi manages voice and data networks 24/7 for over 12,000 locations via their own Network Operations Centers (NOCs) located in three different regions of the country.
About United Network Services (UNSi)
United Networks Services (UNSi) is a leading provider of Managed Network Services for voice & data networks to organizations with high capacity networks and multiple locations. UNSi custom designs networks to meet business and IT requirements and then monitors and manages them. Part of UNSi's solution utilizes the power of the cloud to host bundled solutions like Managed VoIP, Managed VPN, Managed Firewall & Router Security Services and IP Video Monitoring.
For more information, visit www.unsi.net.
SOURCE: United Network Services Inc.