CALGARY, Alberta--(BUSINESS WIRE)--Platinum Communications Corporation (TSX-V: PCS) announced today that it has entered into a Letter of Intent to acquire fixed wireless network assets and residential customers in Southern Alberta from Hybrid Wireless Inc., a builder of microwave transport networks. This acquisition, which is subject to the execution of a formal agreement, is expected to close within the next 60 days. The purchase price of $350,000 is subject to due diligence and other closing conditions that are standard for this type of transaction.
Platinum will add approximately 400 residential and commercial customers. Of greater significance to Platinum is the acquisition of 17 new Points of Presence consisting of towers, shelters, colocation leases and transmitting gear that will substantially expand its footprint eastward into approximately 30 new communities including Arrowwood, Drumheller, Endiang, Standard and Hussar, amongst others.
With the closing of this acquisition and the previously announced acquisitions of AlbertaHighSpeed, Community Networks and MyCanopy Platinum’s residential customer base has increased by approximately 50% over the prior year.
ABOUT PLATINUM COMMUNICATIONS
Platinum Communications Corporation (TSX-V: PCS) is a leading provider of superior quality fixed wireless Internet and Broadband solutions in Alberta. Based in Calgary, Platinum operates a custom-built wireless broadband network that utilizes Next-Generation WiMax technology to bring fast, reliable and affordable Internet services and digital phone solutions to residents and businesses across the Province using licensed and unlicensed spectrum that extends from the north of Grande Prairie to the Alberta/US border and from Medicine Hat to Banff. Platinum caters to urban, rural and remote markets that are often beyond the reach of traditional Internet providers. For more information, please visit our website at www.platinum.ca or call 403-301-4591.
This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors or uncertainties, many of which are beyond Platinum's control. Some of these risks and uncertainties may be described in Platinum's corporate filings (posted at www.sedar.com). Platinum has no intention or obligation to update or revise any forward-looking statements due to new information or events. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
| For further information please contact: | |||
| Bernard Parkinson, CEO | Katherine Kirkup, CFO | ||
| Phone (403) 301-4591 | Phone (403) 301-4594 | ||
|
(PCS) http://www.platinum.ca |
|||