Guest-Tek closes third-round financing; Broadband Internet access leader poised for dramatic growth
CALGARY, Alberta - May 22, 2001 - Guest-Tek Ltd., a leader in delivering broadband Internet access for mobile users in hotels, announced it has closed a third round of financing with Launchworks, a venture capital firm based in Calgary, and LAMB Partners, a private investment partnership based in Chicago and affiliated with a luxury hotel ownership group.
"Guest-Tek has had a tremendously successful year with revenues exceeding our plan," reports Guest-Tek president and CEO Arnon Levy. Levy says his company is confident the rapid uptake of its high-speed in-room Internet service will continue. This trend is supported by PricewaterhouseCoopers, which forecasts an 80 per cent increase in hotel rooms with high-speed Internet access this year. "Our latest financing will strengthen our ability to meet the increased demand for high-speed access we've witnessed since the industry moved from a revenue-sharing model to the current sales and service model," states Levy.
Byron Osing, CEO of Launchworks, was equally supportive of the financing. "It's a pleasure to fund a company these days that is an outstanding performer. Guest-Tek has demonstrated that it can deliver a world-class product based on a sound business model, which seems to have eluded many other players in this market. As the dust settles it's clear that Guest-Tek is emerging as a leader in this industry."
Guest-Tek's most recent installs include hotels from many of the industry's premiere brands, including Hyatt, Fairmont, Westin and Four Seasons properties.
About Guest-Tek
Guest-Tek delivers broadband visitor-based networking (VBN) solutions to businesses serving mobile users. Our products provide fast and easy plug-and-play Internet access to end users. Through our superior implementation and support services, our partners gain a sustainable competitive edge. With headquarters in Calgary and Chicago, Guest-Tek has been serving hospitality and related industries since 1996. For more information, visit our Web site at
# # #