Choice One Defends Funding Position

Choice One Communications(CWON Quote - Cramer on CWON - Stock Picks), an integrated communications provider, said today, in response to concerns about the company's cash position, that it has adequate funding to fulfill its business plan.

The Rochester, N.Y., company said it expects to report a year-end cash balance "in excess of $210 million" when it reports fourth-quarter and full-year results in February.

Earlier this week, Barron's put Choice One on the top of its cash burn-rate list, a compilation of technology companies likely to run out of cash based on their recent spending rates.

Shares of Choice One recently gained 69 cents, or 7.1%, to $10.38 in midday trading on the Nasdaq.