TORONTO, Dec. 12, 2019 /CNW/ - TeraGo Inc.
("TeraGo" or the "Company") (TSX: TGO,
www.terago.ca), announces that following the distribution
transaction (the "Second Alpha Transaction") carried out by
Second Alpha Partners I GP, L.P. as general partner of Second Alpha
Partners I (A), L.P. and Second Alpha Partners I (B), L.P.
(collectively, "Second Alpha"), which resulted in Second
Alpha's 19.8% common share holdings of TeraGo being distributed
directly to its limited partner investors and general partner,
TeraGo has redeemed the final Class B Share previously held by
Second Alpha in accordance with its articles. Second Alpha Partners
I GP, L.P. retains indirect control of 8.1% of the outstanding
TeraGo common shares. The Class B Share had entitled Second Alpha
to nominate and elect one director to TeraGo's Board. The Second
Alpha Transaction is further described in the Early Warning Report
dated December 11, 2019 filed by
Second Alpha on TeraGo's SEDAR profile, available at
www.sedar.com.
Due to the director vacancy created by the Company's redemption
of the Class B Share, the Board has determined in good faith and in
the best interests of the Company, for board continuity and to
facilitate the discharge of its duties as a board, to retain Mr.
Richard Brekka as a director. Mr.
Brekka would have otherwise resigned as the Second Alpha director
nominee. Mr. Brekka will remain on the Board as an appointee of the
Board and will hold such office until the close of the next annual
meeting of shareholders or until his successor is elected or
appointed.
About TeraGo
TeraGo owns a national spectrum portfolio of exclusive 24GHz and
38GHz wide-area spectrum licences including 2,120 MHz of spectrum
across Canada's 6 largest cities.
TeraGo provides businesses across Canada with cloud, colocation and connectivity
services. TeraGo manages over 3,000 cloud workloads, operates five
data centres in the Greater Toronto
Area, the Greater Vancouver
Area, and Kelowna, and owns
and manages its own IP network. The Company serves business
customers in major markets across Canada including Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg.
For more information about TeraGo, please visit
www.terago.ca.
SOURCE TeraGo Inc.