Platinum to Acquire Wireless EPC Firm
October 16 2013 - 9:30AM
Business Wire
Platinum Expands into Peace River and Fort
McMurray
Platinum Communications Corporation (TSX-V: PCS)
announced today that it has entered into a Letter of Intent to
acquire the management group, engineering team and operating assets
of Pathcom Wireless Inc. (Pathcom) for $800,000. Pathcom has
grown to generate in excess of $3.5 million in annual recurring and
project revenue from a variety of senior oil and gas producers
operating in Northern Alberta and British Columbia.
Utilizing WiMAX, point-to-point microwave and fibre Pathcom’s
experienced Engineering, Procurement, and Construction (EPC) team
of industry professionals builds communications systems for the
telecommunications, energy and mining sectors. With this
complementary acquisition Platinum will diversify its revenue
streams, while augmenting its high capacity broadband presence in
the Peace River and Fort McMurray regions.
This acquisition, which is subject to the execution of a formal
agreement, is expected to close within the next 90 days, and is
subject to due diligence and other closing conditions that are
standard for this type of transaction.
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 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
Platinum Communications Corp.Bernard D. Parkinson,
403-301-4591CEObparkinson@platcom.caorKatherine Kirkup,
403-301-4594CFOhttp://www.platinum.ca