Platinum Completes Community Networks Acquisition
March 04 2013 - 9:30AM
Business Wire
Platinum Communications Corp. (TSX-V: PCS) announced today that
it has completed a term loan financing of $2,000,000 at 12% from a
private lender as well as the acquisition of Community Networks
Ltd., o/a “eFirehose”, a regional Wireless Internet Services
Provider (“WISP”) operating primarily in the North and East of
Calgary, for $2,500,000. The acquisition of “eFirehose”
strategically expands Platinum’s reach to Balzac, Beiseker,
Cheadle, Chestermere, Conrich, Dalemead, Delacour, Dewinton,
Irricana, Langdon and Rockyford amongst others, as it boosts its
subscriber base to 13,000.
This strategic acquisition provides Platinum’s Internet and
Voice services to rapidly growing communities servicing the oil and
gas and agriculture industries. Coupled with the rollout of its new
data center services, Platinum will be one of the few Alberta-based
WISPs offering end-to-end solutions to discerning residential and
commercial customers. A network map showing Platinum’s growing
footprint with the addition of “eFirehose” can be found at
http://www.platinum.ca/coverage-area.html.
Platinum will continue to seek out opportunities to expand its
network and services to meet the needs of its subscribers as they
enjoy the benefits of Alberta’s growing economy.
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
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. The company serves more than 13,000 customers in over 180
communities from 176 service delivery locations, primarily in rural
Alberta. Platinum uses licensed and unlicensed wireless broadband
and fiber network that extends from the north of Edmonton to the
Alberta/US border, covering more than 65,500 square kilometers.
Platinum caters to rural and near-urban 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