ISL Seed Round closing on Wednesday 18th June 2014

ISL has been talking to carriers for a period of 18 months,  and it would be fair to say that whilst there has been a strong interest in understanding the impact that small cell WiFi is having on the mobile carrier market in the US and Europe and hearing about how WiFi might play out in the Australian context,  there has not been a strong sense of urgency.

The recent announcements by Telstra has changed the game.   Carriers that ISL has been talking to for months now have a sense of urgency resulting in ISL signing of its first two carrier contracts in the last week.

Consequently,  ISL is now shifting its focus to accelerating its rollout plan.

Accordingly we are accelerating ISL’s capital raising plans to focus on a ‘growth round’ of $5m-$6m to fund the national rollout of ISL’s WiFi platform  (noting that balance of the capital cost of this program will be meet from operating revenues that grow progressively as the network expands).

We will therefore closing off the seed round as of Wednesday 11th June 2014 to focus on the Growth Round raising and the pricing discount that ISL is currently offering to Seed Round investors will no longer be available.