BURNABY, BC, Jan. 9, 2014 /CNW/ - GLENTEL Inc. (TSX: GLN) announces the completion of the sale of its Business Division's non-core MSAT satellite division to Infosat Communications LP for a range of $2.5 million to $4 million based on an earn-out over a period of time.
"The Business Division (dba GLENTEL Wireless Solutions) continues to strengthen its position in the market by focusing on its core business of providing turnkey private network communications solutions to a variety of customers, including government, public safety, oil and gas, and mining," stated Cary Skidmore, Executive Vice President and Chief Marketing Officer of GLENTEL. "Completed contracts for 2013 include a million-dollar project upgrade of a large refinery communications system in Ontario; a multi-million-dollar first responders' communications system for a number of municipalities in the Greater Ottawa area; a system in Saskatchewan for one of the largest potash mines in the world; the installation of several hundred radios for a large municipality in the GTAA; as well as a system for a municipality in BC's Lower Mainland. In the coming weeks, we will be announcing a significant number of new contracts that position the Business Division for continued profitable growth in 2014."
Based in Burnaby, BC, Canada, GLENTEL (TSX: GLN) celebrated its 50th anniversary in 2013. GLENTEL is the largest independent multi-carrier mobile phone retailer in Canada and Australia. In the United States, GLENTEL operates two of the six National Premium Retailers for Verizon Wireless. GLENTEL is a leading provider of innovative and reliable wireless communications services and solutions, offering a choice of network carrier and wireless or mobile products to consumers and commercial customers.
GLENTEL's brands - GLENTEL Wireless Solutions, WIRELESSWAVE, WAVE SANS FIL, Tbooth wireless, la cabine T sans fil, WIRELESS etc…, SANS FIL etc…, Mac Station, iStation, Diamond Wireless, Wireless Zone, and Allphones - span four countries and three continents. The Company employs over 4,300 employees and operates in more than 1,400 locations, including more than 470 locations in Canada - in retail malls, business centres, Costco Wholesale Canada stores, and Target Canada stores; more than 760 Verizon Wireless-authorized locations in the United States (Diamond Wireless, BJ's Wholesale Club kiosks, and Wireless Zone corporate and franchise locations); and more than 170 Allphones retail locations in Australia and the Philippines.
This news release contains statements about financial and operating performance of GLENTEL and future events that are forward looking. By their nature, forward looking statements require GLENTEL to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the qualifications and risk factors referred to in GLENTEL's 2012 Annual Information Form, in the 2012 annual report, and any assumptions, qualifications and risk factors contained in other GLENTEL public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com). Except as required by law, GLENTEL disclaims any intention or obligation to update or revise forward looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE: Glentel Inc.
Investor Relations Contact:
Jas Boparai, Chief Financial Officer