Platinum to Acquire XpanServ Customers and Assets
January 14 2013 - 9:30AM
Business Wire
Jan. 14, 2013--Platinum Communications Corporation
(TSX-V: PCS) announced today that it has entered into a Letter of
Intent (“LOI”) to acquire the fixed wireless network assets and
customers of 1574002 Alberta Ltd. o/a XpanServ (“XpanServ”). 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 $530,000 is subject to due diligence and other
closing conditions that are standard for this type of
transaction.
Platinum will add approximately 400-500 residential and
commercial customers. Of greater significance to Platinum is the
acquisition of all of the underlying towers, shelters, colocation
leases and transmitting gear that will substantially expand its
footprint to the east into the communities of Rockyford,
Drumheller, Brooks, Jenner and Foremost. Additionally, Platinum
will be making its first entry into the Peace River Region, 460
miles northwest of Edmonton, with an established network covering
the communities of Grand Prairie, Rycroft, Fairview and Weberville
among others.
Bernard Parkinson, President & CEO, states, “This is a key
acquisition as it materially expands our network footprint into new
markets and, with the current ratio of customers to towers, we see
opportunities for additional revenue growth.
With the closing of both this acquisition and the previously
announced acquisition of Community Networks Inc. Platinum’s
customer base will grow to approximately 13,750, which represents a
60% increase 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 serving approximately 13,750 customers. 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.
To view this press release as a web page please click on the
following link:http://www.usetdas.com/pr/platinumjan142013.htm