Following a major new announcement from the company on Tuesday, the Alaska Power & Telephone Co. (OTC:APTL) stock gained strong momentum, and it is likely to be in focus among investors this morning. It may be a good time to take a closer look at the development.
SEALink South Completion
Alaska Power & Telephone announced yesterday that it had been successful in completing the SEALink South submarine fiber optic cable project. It was a significant development given the project was the most recent in its growing broadband network in Southeast Alaska. The project consists of a submarine cable system interconnecting Ketchikan with the Coffman Cove and Hollis communities, in addition to a range of terrestrial facilities, cable landing sites on the beachfront, and related transport equipment.
Further Information
In the news release, the company announced that the project would expand the footprint of the project to the Alexander Archipelago area in Alaska. It was also announced that the project had been financed through an USDA BeConnect grant worth as much as $29.5 million. However, matching additional financing had been supplied by Alaska Power & Telephone. It now remains to be seen if the company’s stock gains further momentum over the coming days or not.
Key Quote
Alaska Senator Lisa Murkowski remarked: “After hearing from Alaskans, strengthening rural infrastructure and broadband access was a priority of mine when crafting the Bipartisan Infrastructure Law. The SEALink South project will help Alaskans on Prince of Wales have better access to telehealth services, education opportunities, connections with family and friends, and so much more.”
