Mitec provides update on the sale of its VSAT division

MONTREAL, Nov. 18, 2011 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") (TSX: MTM) today announced that it expects the initial closing relating to the previously announced Letter of Intent to acquire certain assets representing Mitec's VSAT division from a group of Mitec senior employees (the "Proposed Transaction") will occur on or about December 15, 2011.  Mitec previously announced that the initial closing for this Proposed Transaction will take place on December 1, 2011.

Mitec is encouraged with the progress it has made with Mitec senior employees, advisors and financial partners to be in a position to conclude the Proposed Transaction during the month of December, 2011 in one or more closings as previously announced.

At that time, it is possible that Mitec's securities may be delisted from the Toronto Stock Exchange (the "TSX"), if the TSX determines, following its review, that Mitec will no longer meet the TSX's continued listing requirements.  If Mitec's common shares are to be delisted from the TSX, it would then take steps to make an application for listing on an alternative exchange in Canada. However, Mitec believes that based on the work it continues to do relating to Mitec's future operations and strategy for the company's future, that it has compelling reasons to maintain its TSX listing following such a review.

About Mitec Telecom
Mitec is a leading designer and provider of radio frequency (RF) products for the telecommunications and satellite communications industries, as well as a variety of  other sectors. Mitec sells its products worldwide to network providers for incorporation into high-performing wireless networks used in voice and data/internet communications.

Mitec is located in Montreal, Canada. Mitec is listed on the Toronto Stock Exchange under the symbol MTM. On-line information about Mitec is available at www.mitectelecom.com.

SOURCE MITEC TELECOM INC.

For further information:

Source: Mitec Telecom Inc. 
Contact:
Mr. Jeffrey Mandel 
President, Chief Executive Officer and Chairman of the Board of Directors 
jeffrey.mandel@mitectelecom.com 
Tel.:  (514) 694-9000

 

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MITEC TELECOM INC.

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