-- Expected to Generate Approximately $1.7 Million in Annual Recurring Revenue --
LOUISVILLE, KY, June 29, 2010 - Lightyear Network Solutions, Inc. (OTCBB:LYNS, news, filings), a provider of telecommunication services to large, medium and small businesses, as well as residential consumers throughout North America, announced today it is nearing completion of a migration to Lightyear service for 40 different locations for one of the nations largest casino operators.
Lightyear’s contract with this large multi-location, multi-branded casino operator began in July 2009. The initial objective of the engagement was to determine the timeline and scope of work to project manage the installation of services at the operator’s various casinos. Once complete, Lightyear began to aggressively install dedicated long distance, local telephone and Voice over Internet Protocol (VoIP) service at each of the client’s locations throughout North America, with 36 locations installed and 4 remaining as of June 29, 2010. This contract will represent more than 150 dedicated circuits and is expected to generate approximately $1.7 million in annual recurring revenue.
“This client is a great example of Lightyear’s organic growth strategy,” said J. Sherman Henderson III, CEO of Lightyear Network Solutions, “Voice communication services are mission-critical to this casino operator as they serve their own individual guest needs and provide an outstanding gaming experience. We look forward to working with them for many years to come as their business and telecommunication needs continue to expand.”
About Lightyear Network Solutions, Inc.
Through its wholly owned subsidiary, Lightyear Network Solutions, LLC, Lightyear provides telecommunication services to large, medium and small businesses and to residential consumers throughout North America utilizing its extensive network of independent agents and representatives. J. Sherman Henderson III, Lightyear’s Chief Executive Officer, has nearly 25 years experience in the telecommunications industry. Henderson was named one of the Top 25 Most Influential People in Telecommunications and was elected for six consecutive terms as Chairman of COMPTEL, the leading industry association representing more than 250 service providers. Lightyear’s product and service offerings include: local PRI and digital T1, enhanced internet services, frame relay, MPLS, Point-to-Point, Voice over Internet Protocol (VoIP), local and long distance, calling cards, and conferencing. Lightyear has also begun offering wireless services to customers in the U.S. through wholesale contracts with multiple wireless voice and data service providers. Lightyear built its own VoIP network in 2004 to enhance its product offerings to its customers and has partnered with some of the most prominent names in telecom including: Sprint, Verizon, AT&T, Qwest, Level 3, PAETEC, CenturyLink, Intelliverse, Globys BroadSoft, Cisco and Adtran. Lightyear Network Solutions is headquartered in Louisville, KY. Additional information can be found at: www.lightyear.net.
This press release contains "forward-looking statements" for purposes of the Securities and Exchange Commission's "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties that could cause Lightyear’s actual results to differ materially from those currently anticipated. These forward-looking statements may include, without limitation, statements about our marketing and acquisition opportunities, business strategies, competition, expected activities and expenditures as we pursue our business plan. Although we believe that the expectations reflected in any forward looking statements are reasonable, the risks and uncertainties which could cause our actual results to differ materially from those currently anticipated includes changes in market conditions, our ability to integrate acquired operations, the ability to obtain additional financing on satisfactory terms, customer acceptance of products, regulatory issues, competitive factors, or other business circumstances and risk factors described in our filings with the Securities and Exchange Commission. Lightyear undertakes no obligation to revise or update any forwardlooking statements in order to reflect events or circumstances that may arise after the date of this press release.
Porter, LeVay & Rose, Inc.
Marlon Nurse, V.P. – Investor Relations
Trilogy Capital Partners
Darren Minton, President