Lightyear goes public, plans rapid growth strategy

March 17, 2010

Lightyear Network Solutions LLC, a nationwide telecom services provider, recently become a public company through a reverse merger with Libra Alliance Corp., a shell company and former ISP.

As a result of the merger, Lightyear, which began operations in 1993 as UniDial in Louisville, Ky., became Libra’s principal operating company. Libra trades on the OTC Bulletin Board under the stock name “LBAL.” The Lightyear name will continue to be used.

Founder, President and CEO J. Sherman Henderson III and other Lightyear backers own a majority of Libra’s stock. Henderson will be CEO and a member of the board of directors of the public company.

“We are very pleased with the completion of this transaction as it positions us to broaden our investor base, financially support an accelerated growth plan and implement a focused acquisition strategy,” said Henderson, a former six-term chairman of industry association COMPTEL.

Henderson also was selected as one of the Top 25 Most Influential People in Telecommunications.

“The main focus for Lightyear will be continuing to service the telecommunications needs of our approximately 60,000 business and residential customers utilizing our independent national sales force of Lightyear Agent Partners.

“Management intends to increase Lightyear’s revenue and earnings via a combination of organic and acquisition growth,” he said. “We are actively seeking to acquire multiple small to mid-size competitors throughout the U.S. where we can anticipate significant demand for Lightyear’s service offerings.”

In addition to Henderson, four new members were named to the board of the public company. They are: Rick Dees, the nationally recognized radio broadcaster; Chris Sullivan, founder of the Outback Steakhouse restaurant company; Ron Carmicle, president of Louisville’s River City Development Corp.; and Brent Rice, an attorney and longtime partner in the firm of McBrayer, McGinnis, Leslie and Kirkland in Lexington, Ky.

Lightyear’s product portfolio includes: local PRI and digital T1, enhanced Internet services, frame relay, MPLS, Point-to-Point, Voice over IP (VoIP), local and long-distance, calling cards, and conferencing. Lightyear has also begun offering wireless services to customers in the U.S. through milestone wholesale contracts with multiple Tier 1 wireless providers.