Wavve Reorganizes Business Units

Jan. 17, 2001 -- Wavve Telecommunications, Inc. has formed three separate divisions to focus on managed services, software solutions and colocation services, the company said today.
The formation of the new internal business units "will enable the Company to proactively explore and capitalize on rapidly emerging areas of business" Wavve said in a press release.
"In essence, our goal with the formation of these new divisions, is to formalize the organizational structure within the Company's various departments to facilitate greater accountability, better reporting structure and better alignment with Wavve's business objectives," said Bob Ingraham, Wavve's president and COO.
"This realigned organizational structure will also enable us to quickly identify synergies between Wavve and the many potential joint ventures, partnerships, alliances, debt and equity financing opportunities that we are currently pursuing," added Ingraham.
Earlier this month Wavve announced that it had secured $35 million in financing from New York-based real estate investor Capital Lease Funding that will allow the company to meet its current expenses and complete the construction of its Sacramento data center. On Dec. 1 Wavve had warned that growing losses had created "substantial doubt" about its ability to remain in business, and that it would seek funding from real estate investment trusts.
Wavve Telecommunications, Inc. is a provider of colocation, network connectivity, Internet and managed services.