Globalive attracts global investment and submits $235M deposit to enter
TORONTO, March 14 /CNW/ - Globalive Communications Corp, parent of Yak
Communications, today announced that international wireless veterans, Weather
Investments and Novator, have joined its syndicate to bid in the upcoming
Advanced Wireless Services ("AWS") spectrum auction.
The syndicate submitted a strong application with a $235 million deposit
in the form of letters of credit to Industry Canada on March 10, 2008.
"With the depth and experience of Weather and Novator, Globalive is well
positioned to become the most cost-effective, feature rich national wireless
provider in Canada," said Anthony Lacavera, Chief Executive Officer, Globalive
Communications. "Our ability to attract these international partners is a
reflection on the strength of the Globalive Wireless business plan and
Globalive plans to expand its "no contracts, no gimmicks" philosophy of
its popular Yak brand from its current offering of affordable and accessible
dial-around, home phone, internet and long distance services, to the
undercontested wireless market.
"This partnership with Globalive is consistent with our strategy to seek
opportunities with growth and profit potential that will at the same time
leverage our operating expertise and scale in building wireless
telecommunications networks," said Michael O'Connor, Business Development
Officer, Weather Investments.
About Globalive Communications
Globalive Communications Corp., based in Toronto, Canada, has grown
rapidly to become a leading provider of next generation telecommunications
solutions globally. Globalive develops and delivers innovative applications
and first-rate tailored telecommunications services to a wide range of clients
in the consumer, enterprise and hospitality segments worldwide.
About Yak Communications
Yak Communications, a subsidiary of Globalive Communications, offers a
full array of phone services including: home phone, long distance (1+, toll
free and dial around), high speed internet, calling cards and cellular long
distance to residential consumers across Canada. Yak's most prominent long
distance offering is 10-10-YAK (925), a dial-around service which offers very
economical per minute rates.
Yak currently services over 1 million Canadians nationwide.
About Weather Investments
Weather Investments currently owns 100% of Wind Telecomunicazioni in
Italy and Wind Hellas in Greece and holds the majority of Orascom Telecom
Holding S.A.E. Weather provides telecommunication services to over 90 million
mobile subscribers in a number of high growth countries.
Novator is an investment firm founded and led by Thor Bjorgolfsson.
Wireless communications is a focus for Novator: most recently it established
new entrant 3G wireless carriers in Poland (PLAY) and Iceland (NOVA). Current
and past telecom investments include carriers in the Czech Republic, Finland,
Bulgaria, Greece, and the UK.
For further information:
For further information: Lindsay Mattick Davidson,
Lindsay.email@example.com, (t) (416) 644-4122, (cell) (416)