ComMatrix, Inc., a Wyoming corporation, is special purpose vehicle set up by PHI Group for the purpose of designing and building telecom networks by utilizing the legacies of Gridline Communications, Inc., a Delaware company.
According to the Investment Agreement and the restructuring plan between PHI Group and Gridline Communications, ComMatrix will issue Series A Preferred Stock to creditors and Series B Preferred Stock to equity and option holders of Gridline Communications. PHI Group will hold 15% of Common Stock of ComMatrix and plans to distribute at least one-third of its holding in ComMatrix as a special dividend for PHI Group’s shareholders in the future. Preferred Shares of ComMatrix may be converted into Common Shares after 30 months from the date of issue, or when the latest twelve-month revenues for ComMatrix reach $15 million.
Thanks to Gridline’s legacies, ComMatrix has the technical expertise to build access networks to address the “last mile” of broadband networks by tapping into the transport networks to enable local access to high-speed broadband through hard-wired or wireless connectivity. ComMatrix’s network design for access networks deploy existing mediums and technologies including twisted pair, fiber, coaxial cable, microwave, RF wireless, and power lines.
ComMatrix is targeting several attractive high-speed broadband and telecom network projects in rural areas of the developed world, and throughout the developing world. The Company is in discussions with several potential projects, and looks forward to announcing these once agreements are in place.
ComMatrix’s unique features include: (a) the company’s access network design and implementation capabilities and (b) the innovative BPL (broadband over power line) technologies that can utilize power lines for access networks. Where feasible, integrating BPL technologies into access networks can significantly lower the cost of high-speed broadband access network deployment.