Platinum Completes $6.5 Million Financing
February 03 2014 - 9:30AM
Business Wire
Platinum Communications Corporation (TSX-V: PCS)
announced today that the Company has closed a financing of
$6,500,000 with the Alberta Treasury Branches (ATB) consisting of
new term loan; a revolving line of credit for large capital
projects; and, a mergers and acquisition line.
Platinum’s use of proceeds includes:
- Consolidating five of its current term
loans and vendor take backs to reduce both administration and
annual debt servicing costs,
- Improving the company’s working capital
that frees up more cash to expand its commercial sales
activities,
- Investing capital in expanding and
upgrading the company’s growing broadband network,
- Funding a number of sizable commercial
customer build projects throughout the Province of Alberta that
have been sourced as a result of its acquisition strategy, and
- Developing additional merger,
acquisition and construction opportunities for 2014 and
beyond.
ABOUT PLATINUM COMMUNICATIONSPlatinum 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 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, CEOPhone (403)
301-4591
Kathy Kirkup, CFOPhone (403) 301-4594
Platinum Communications Corp.Bernard D. Parkinson,
403-301-4591CEObparkinson@platcom.caorKathy Kirkup,
403-301-4594CFO