CALGARY, May 9, 2022 – Crown Capital Partners Inc. (“Crown” or the “Corporation”) (TSX: CRWN) today announced that its subsidiary, Community Network Partners Inc. (“CNPI”), has been selected as an Internet Service Provider (“ISP”) under the Ontario Connects: Accelerated High Speed Internet Program. The aim of the program is to make reliable, high-speed internet connectivity available to all premises in Ontario by the end of 2025.
Under the Ontario Connects program, the Government of Ontario has committed nearly $4 billion to connect every region in Ontario to reliable, high-speed internet by the end of 2025. This is the largest single investment in high-speed internet, in any province, by any government in Canadian history. This investment will help ensure that every household and business, in every community, has access to the digital world.
Crown subsidiaries provide network connectivity to municipal, commercial and residential end users in otherwise underserviced markets. In connection with this program, CNPI will design, construct, own and operate a broadband network that will deliver high-speed internet to residential and business customers in select service areas in Northern Ontario. The contract available to CNPIs under the program is approximately $150 million, which is expected to be a material proportion of the network cost and will bring service to approximately 9,400 households. CNPI expects to immediately commence design and construction and anticipates completion before the end of 2025.
“Access to reliable, high-speed connectivity is essential for living, learning and thriving in today’s digitally connected world. We’ve been working vigorously to resolve the digital divide for Canadians living in remote and rural regions, and we’re delighted to be part of the Government of Ontario’s transformational program to make this goal a reality for all Ontarians,” said Chris Johnson, President and Chief Executive Officer.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.
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