HUNTINGTON, N.Y.--(BUSINESS WIRE)--Breda Financial Corp (Breda) and Capital Investment & Asset Management Group (CIAM) have executed an agreement with Ocean Networks, Inc. (ONI) to invest in the construction of the Caribbean Express (CX) submarine cable system. Additionally, the companies will create a platform to develop submarine cable systems globally. Breda and CIAM are providing 100% of the required equity financing to bring the CX project to contract in force with the system supplier. The system will be managed and operated by ONI.
The CX system will utilize the latest Space Division Multiplexing (SDM) technology with 18 fiber pairs, to provide low latency and diverse routing. Initially the 3,472km system will connect Boca Raton (Florida), Balboa (Panama), Cancun (Mexico), and Cartagena (Colombia). Additionally, the system will be designed for future connectivity to the Bahamas, Guatemala, Honduras, Grand Cayman, Jamaica, Nicaragua and Costa Rica.
Ocean Networks, Inc. intends to sell a limited number of dark fiber pairs on a first come, first serve basis.
“We are very excited to enter into a partnership with Ocean Networks to construct the Caribbean Express Submarine Cable system. Breda and CIAM have full trust in the Ocean Networks team to successfully implement this important project,” comments Walter Guevara, CEO of Breda Financial.
CIAM Group CEO Mr. Leo Theyskens added, “we are very impressed with the business plan and the technical know-how of Ocean Networks, Inc. We are confident that the team will further develop this venture into a huge success. Our valued and trusted partner Breda International and Breda Capital have done a wonderful job, and we are delighted to be able to work with both respective teams and support this project with all our business acumen.”
Scott Schwertfager, CEO of ONI, continued, "We are delighted about partnering with Breda Financial Corp and Capital Investment Asset Management on this important project. Their investment allows us to start construction on the CX system immediately. BREDA and CIAM recognize the demand for the CX route that will serve the Central and South American markets. The CX system will utilize the latest SDM high fiber count technology which allows us to offer dark fiber pair IRUs to the market. The investment by BREDA and CIAM displays a commitment and confidence in the Ocean Networks team and the CX system.”
For more information about the CX system, visit: www.oceannetworks.com.
About Breda International Corp:
Breda International Corp is a consolidated global trader of various commodities for more than two decades, as well as in the business of capital investments. A few years ago, Breda invested in multiple businesses in Latin America with Caribbean Express being their latest venture in the telecommunications arena.
About Capital Investment & Asset Management Group
CIAM GROUP is a diversified investment group and asset manager headquartered in Bratislava, Republic of Slovakia, with a network covering four continents. Specializing in commodity trading, metals and minerals and financial trading and advisory, the group has mounted a strong portfolio of international stake holding in various sectors. The investment in Ocean Networks Inc. represents an entry into a visionary group with strong technology leadership and technical know-how. CIAM will further develop their regional focus on Caribbean and South American business interests, ONI is a core building block in this endeavor.
About Ocean Networks
Ocean Networks, Inc. is a privately held telecom development and service company that is headquartered in Atlanta, Georgia (USA). Ocean Networks develops submarine cable systems for carriers, content providers, governments, as well as research and education groups. Under its subsidiary Submarine Cable Salvage, Ocean Networks repurposes Out of Service (OOS) submarine cable systems for ocean science. Ocean Networks currently owns 8,000+ km of submarine cable systems globally. Please visit www.OceanNetworks.com for more information.
Breda International Corp.
Walter Guevara – CEO
Capital Investment & Asset Management Group
Leo MF Theyskens - CEO
Ocean Networks, Inc.
Scott Schwertfager – CEO