First World Adopts New Identity Change follows hiring of new management team; shift to emphasis on services   By Rich Miller CarrierHotels News Staff

CEO Tom 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.
The 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 services provider.
"This 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.
Verado 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.