follows hiring of new management team; shift to emphasis
McGrath of Verado poses with the new logo for the company,
formerly known as First World.
Feb. 8, 2001 -- With a new executive team, FirstWorld Communications,
Inc. said today that the data center developer would adopt a new
identity as well, changing its name to Verado Holdings, Inc.
switch comes as the company seeks to reverse projected losses
of at least
$21 million for the first quarter, and rebrand itself as a managed
day marks a new beginning for our company," CEO and president
Tom McGrath said yesterday in a videoconference call to the company's
350 data center employees.
"We have truly evolved into a new company and our new name,
Verado, will further distinguish us in the market," McGrath
added. "Verado is a unique name in our industry. It will
take on the meaning we give to it."
The company said the new name was derived from combining the Latin
root "veritas" meaning truth, with the company's Colorado and
Western heritage. First World's stock symbol will change to "VRDO"
on the NASDAQ national market on Monday morning, when FirstWorld
begins doing business as Verado. The company said it plans to
complete the transition to its new name by February 26.
McGrath was hired in November, coming to First World after serving
as president of SBC DataComm, a division of SBC, and one of the
nation's largest providers of data, Internet and network integration
solutions. In January the company announced it would offer a suite
of managed services including database hosting, security, backup
and storage solutions.
currently operates nine data centers in Glendale, San Diego, Santa
Clara, and Irvine, Calif..; Denver; Salt Lake City; Portland;
Houston; and Dallas, with approximately 250,000 gross square feet.