American Broadband, Inc. will not be coming to Rhode Island after all.
The company has informed the Division of Public Utilities and Carriers that it will be unable to meet the conditions necessary for construction certificates in the seven service areas American Broadband (ABI) had intended to serve.
ABI President Ed Holleran attributed the decision to the recent downturn in the financial markets.
"Investments into new start-up ventures for telecommunications infrastructure have virtually dried up," said Holleran.
In February, ABI announced they had lost the backing of CIBC World Markets, a financial institution in New York, which had …