Strategic financing strengthens Mobilicity's competitive position
and further enhances long-term growth opportunities
TORONTO, April 29 /CNW/ - Mobilicity today enhanced its leadership
position as Canada's rising new wireless carrier, announcing that it
has raised $215 million through a debt offering.
Canada's premier institutions were key investors in this new offering,
which was led by National Bank Financial Inc. and GMP Securities. The
offering represents one of the largest capital raises for an emerging
telecommunications carrier in Canada in recent years, and will provide
Mobilicity with growth capital to further strengthen its customer
experience across Canada.
"Mobilicity has a compelling business model and the best value
proposition for consumers and we are excited about getting additional
support from Canada's financial community," said President and Chief
Executive Officer Dave Dobbin.
"Today's news, made just two weeks shy of the first anniversary of our
Toronto launch and on the heels of our successful launch in Calgary
yesterday, confirms Mobilicity's place as the leading, innovative new
entrant in Canada's wireless industry," Dobbin added. "We are very well
positioned for future growth and opportunities."
The company's Chief Financial Officer Joe Prodan said, "Our strong
balance sheet, best-in-class services and low-cost operating structure
provide the strength and flexibility required to provide terrific value
to Canadian wireless consumers."
About Mobilicity (DAVE Wireless)
Mobilicity, Canada's UNLIMITED 3.5G mobile operator, provides nationwide
coverage with unlimited coverage areas to make wireless communications
more affordable and easier to use. Mobilicity's pay-in-advance
unlimited talk, text and data plans ensure 100 percent bill certainty -
without contracts, credit checks or hidden charges. Formerly known as
Data & Audio Visual Enterprises Wireless Inc. (DAVE Wireless), the
company is led by Obelysk, a diversified Canadian holding company, and
Quadrangle Capital Partners, a global investor in the
telecommunications and media sectors. Mobilicity was named one of
Canada's Top 25 Up and Coming Information & Communication Technology
start-ups in 2010 by the Branham Group Inc. Further information about
Mobilicity can be found at www.mobilicity.ca.
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