Vancouver telecommunication services provider Urban Communications Inc. (TSX-V:UBN) is doubling its fibre optic network in Vancouver.
The company's Urban Utility Corp. subsidiary signed an agreement with the City of Vancouver to extend its network by 40 kilometres using the city's telecommunication ducts criss-crossing the city.
The expansion will increase the fibre optic network to 165 kilometres and improve access to multi-unit residential and commercial buildings, helping expanding the company's potential customer base.
The agreement also allows the city to lease various fibre optic strands for 20-year periods to connect city-owned facilities to the municipality's private high-speed network. Urban Communications will maintain the network.
Urban's network currently connects the city's fire halls, recreation and community centres, libraries and work yards. With the network expansion, developments in southeast False Creek will be added to that network.
Urban's share price range during the past week: between $0.40 and $0.42; 52-week high: $0.54; 52-week low: $0.12.