May 30, 2019
[Updated] Horizon Communications, which aims to provide Internet services, said they are “one step closer to launch” as they “have attracted the capital needed to start and operate their business” and are “awaiting the application form needed to start a business.” to apply for an operating license.”
Horizon previously announced plans to raise funds from an initial coin offering [ICO] aiming to launch the web service in June 2018, and explaining the change of plans, the company said, “Horizon intended to raise our initial capital through an ICO in 2018. During this process, we applied for an ICO and waited to receive an ICO license from the government.
“During this time we have continued to meet with potential equity investors and have secured funding from a Bermuda-based mutual fund. We can’t share our investors yet, but they are a household name in the private equity world. We hope that a quick resolution to our ICOL license application will come soon so that we can fully announce our plans and investors.”
In a statement yesterday, the company said: “Horizon Communications, a Bermuda company that will offer fixed wireless technology internet services, has taken a step closer to launching its competitive offering that will benefit consumers and businesses in Bermuda.
“Horizon has attracted the capital needed to start and operate its business from a Bermuda-based investment fund. In the next phase, the company will receive an operating license from the regulator before it can purchase and test equipment to launch its high-speed, reliable wireless internet service. The equipment procured from Horizon has been proven in other markets and will be field tested and validated for the Bermuda topography.”
Ross Barkwell, Elizabeth Shepherd and Gilbert Darrell
Horizon Founder and CEO Gilbert A. Darrell launched the company in 2017 in response to what he “considered to be underperforming internet service in Bermuda,” with Mr. Darrell stating, “Over 90% of consumers in Bermuda subscribe to their services now from two suppliers. This is effectively a duopoly, limiting choice and product offering and increasing costs for consumers. We are pleased to be working with the regulator to obtain an operating license and we are committed to providing a service that will benefit local consumers and businesses.”
Mr Darrell said: “In March of this year the government opened up the electronic communications market to competition by lifting a moratorium on licences, which was welcome news. We have engaged in the consultation process and are now eagerly awaiting the opportunity to submit our application for a new license.”
The company said it was “waiting for the required application form to apply for an operating license, known as ICOL, or Integrated Communications Operating License, which is issued by the regulator.”
“The regulator has published a draft version of the form on its website, however no new vendors can apply until a final version is published and no timeline has been given as to when they can apply or when new licenses will be issued,” it said a speaker .
“When Horizon deploys its technology using established telecom towers, it will provide high-speed connectivity of up to 200Mbps for residential customers and 1Gbps for businesses without the hassle or unreliability of cable installations.
“The company has worked over the past two years to find technology partners, secure funding and is now building a strong local team ready to roll out next generation 4th and 5th generation wireless technology services [4G and 5G].
“Horizon executives include industry expert Ross Barkwell, with 30 years of senior management experience in the telecommunications space, who was primarily responsible for the growth of the mobile and internet businesses in Canada and Brazil, was acting CEO of Digicel Panama, and held senior positions Digicel and One held communications in Bermuda. Mr. Barkwell is Horizon’s chief business development officer.
“Elizabeth Schaefer, Horizon’s Chief Operating Officer, also held a senior position at CellOne [now One Communications] and has over 20 years experience in telecom billing, retail and customer support.
Horizon said that “Once licensed, Horizon expects to employ 30 people, mostly Bermudian, over the next three years.”
Update 6:11 p.m.: The regulator [RA] announced today that “no decision has been made regarding deployment of the fifth generation [5G] Technology in Bermuda.”
“This statement is in response to a press release issued today by Horizon Communication indicating that they are successful in obtaining an integrated communications operating license [ICOL] from the RA, they will launch services with 4G and 5G technology in Bermuda,” the RA said.
Denton Williams, Chief Executive of the regulator, commented: “We are disappointed that Horizon Communication has chosen to make their intention to deploy 5G-based technologies public, as the RA only recently informed them that 5G is not currently being considered becomes.
“Our position is that the deployment of 5G will lead to a significant change in technology and how it is used. A full assessment of its feasibility for Bermuda requires input from the public and our stakeholders through our normal public consultation process. Until then, 5G will not be deployed in Bermuda.”
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