Over the past 27 years, George D. Crowley, Jr. and his experienced international management team have developed, owned and operated more than 30 wireless telecommunications, technology and infrastructure businesses in the U.S., Europe and Latin America (Crowley's approach to emerging markets). These businesses include, (i) Crowley Cellular, by 1990, the second largest privately-held mobile telephone company in the U.S., (ii) Conectel, one of the largest paging and wireless data communications companies in Latin America, (iii) Crowley Data Poland, Central Europe's largest fixed wireless broadband operator and (iv) Salmon PCS, a multi-billion dollar joint-venture with Cingular Wireless to build and operate cellular networks in 45 U.S. markets. In connection with such activities, Mr. Crowley has arranged approximately $4.5 billion USD in financing.
High technology and infrastructure development in emerging markets is high risk under the most favorable of circumstances. Political risk, currency risk, unstable regulatory environments and cultural distrust (of departure from status quo) provide formidable barriers to entry. However, for those willing to endure the endless stream of administrative delays, infrastructure deficiencies and regulatory instability, new market opportunities can be enormous.
During the past fifteen years, the principals of The Crowley Group have succeeded in creating high technology and infrastructure ventures in numerous emerging markets. We believe that such success has resulted from painstaking attention to risk reduction, a long-term investment philosophy and entrepreneurial tenacity.
We reduce risk by thoroughly analyzing each market's realistic potential and developmental barriers. We meet with first-tier investment banks, local counsel, accounting firms, equipment vendors and major market players to supplement our due diligence. We study state-of-the-art financing structures to determine their applicability to each transaction.
We focus on the application in emerging markets of technologies which have been successfully proven in the U.S. in terms of technical performance and market acceptance. This approach enables us to avoid technology risk and to learn from the marketing and operational experience developed by U.S. market participants. We then customize such marketing and operations strategies to the specific needs of the emerging market.
Such planning enables us to develop our businesses in a highly cost-efficient manner avoiding the expensive pitfalls of the earliest participants in the market. Investors become more confident in the business model because they have viewed its success in the U.S.
Many new participants are entering new venture development in emerging markets, offering investors a variety of new concepts. We believe, however, that opportunism is no substitute for a successful long-term track record and high level in-country relationships, particularly in difficult emerging markets.