Metro One Telecommunications Inc.

• Public
• US

Dow Jones Description

On March 21, 2008, we announced that, as part of a strategic business review and in furtherance of our ongoing effort to cut costs and align expenses with reduced revenues, we had decided to exit the wholesale directory assistance business. As of September 30, 2008, all of our call centers had been closed. A total of approximately 700 employees were terminated in connection with the call center closures and related activities. We sold a majority of our patent and trademark portfolio to an unrelated third party in May 2008 for $8.0 million in cash. We believe that the cash received from this transaction will be sufficient to allow us to support our operations through at least December 31, 2008. During the first nine months of 2008, we focused on growing our Data Services and Contact Services segments. With respect to Contact Services, during that period, we entered into and began servicing four contracts to provide Contact Services. Since then, we have completed one contract under which we were paid on an hourly basis, leaving us with three contracts that provide for contingent payments based on sales contracts. The current financial crisis and worldwide economic slowdown have created uncertainty in our markets and made growth of incipient businesses, such as ours, much more difficult and uncertain. We are currently considering numerous strategic alternatives with respect to our remaining businesses. ...

President, Metro One Data and Analytics

Number of Employees 632

Contact Information

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