Lightyear Renames Reverse-Merger Partner Libra

Kentucky-based CLEC Lightyear Networks Solutions (LYNS.OB) has renamed Libra Alliance Corp.

Libra is the shell corporation and former ISP with which Lightyear conducted a reverse merger in February. Lightyear became Libra’s principal operating company, with 80 percent ownership and five of the six board seats, and now is changing Libra’s name to Lightyear to reflect that. Lightyear CEO J. Sherman Henderson serves as chairman and CEO.

Henderson told PHONE+ in February that becoming public gives Lightyear access to more investors and capital so it can grow through M&A. He hopes to double Lightyear’s size from its current $60 million, but did not provide a specific timeline. The ultimate goal is to build Lightyear into a $450 million CLEC through as many as six to nine acquisitions of companies in the $20 million to $80 million range.

Lightyear plans to buy providers that target small and midsize businesses with products similar to its own, or just diversified enough to strengthen its portfolio. Right now Lightyear sells connectivity including local PRI and digital T1, enhanced Internet services, frame relay, MPLS, point-to-point, VoIP, local and long-distance, calling cards and conferencing.

“This gives a lot of folks a potential exit strategy that is not out there today,” Henderson said in February, noting the restrictive capital environment for competitive telecom service providers.

In a recent press release, Henderson added that changing Libra’s name to Lightyear and trading under the LYNS ticker symbol “will better identify our business, and help our expansion efforts as well.” Libra had been trading under the LBAL symbol, which no longer exists.

Lightyear sells its services through independent agents throughout the United States.