I am Constantinos Coudounaris, Chief Executive Officer of HostRail. I have some unfortunate news to announce tonight.
On Friday 24th June 2011 our Providers have informed us of a 60% upcoming price increase that is taking effect from the 28th June 2011, this was an extremely short notice for us and completely unexpected – as small of a short notice as it was we had to take action immediately in order to be able to continue providing service to our clients, i have had meetings with every single HostRail Staff Member as we needed to take a decision and we have taken our decision which is provided below.
Due to the current economic crisis that is affecting all companies in the planet we are unable to deal with this 60% price increase using our currently approved budget for 2011 and we are unable to approve a further budget for 2011 at the current stage, this means that we will be forced to pass on this 60% price increase to all clients as of tomorrow evening. Tomorrow evening we will be sending Invoices to every single customer with the 60% price increase, unfortunately this price increase will have to be paid by Tuesday morning so we can cover the 60% price increase our providers are asking.
We have tried all possible alternatives and solutions however the only solution is to pass this price increase in full to our customers, this is not something i want to do, this is not something i like to do, this is something that i have fought for 2 days now to try to avoid at all costs however its not on my hands anymore so i am unable to do something more.
For the customers that will not be able to pay this 60% price increase i recommend that you proceed to the immediate cancellation of your services as we will be suspending all Services on Tuesday morning that have not paid this price increase. I should clear that this price increase willl be applied to all of our customers, even to customers that have ordered their service today.
I apologize in advance for any inconvenience this may cause however i am unable to do anything and the people that know me personally know that i have given a large battle to try to cover up this price increase myself but this was impossible.