VANCOUVER, Feb. 5 /CNW/ - MetroBridge Networks International Inc.
(TSX-V: MEB), announced today that it has completed the acquisition of the
assets of Utah Broadband, LLC, a Salt Lake City-based company with operations
in six counties including the Salt Lake City, Provo, and Park City
metropolitan areas. The purchase price of US$5.5 million is comprised of
US$4.1 million in cash, and 3,119,082 in MetroBridge shares priced at $0.449
per share. The shares issued will be escrowed for a minimum of 12 and a
maximum of 15 months.
"This is an exciting, high-quality transaction for our Company, and in
addition to growing our US revenue base, will be immediately accretive to
EBITDA," said Dorian Banks, President and Co-Founder of MetroBridge. "Utah
Broadband is a successful customer-focused business that has achieved strong
network growth, excellent subscriber penetration and attractive EBITDA, and we
welcome to MetroBridge a successful and talented team."
"Joining MetroBridge enables us to expand our network and capabilities,
bringing the first high-capacity commercial WiMAX internet solution to the
Greater Salt Lake business community," said Steven McGhie, CEO of Utah
Broadband. "Utah Broadband's financial strength and local market knowledge
coupled with MetroBridge's expertise in providing high capacity commercial
bandwidth solutions and value-added products and services for the business
community will enable us to greatly expand our reach into the commercial
marketplace and significantly increase ARPU."
RBC Daniels, L.P., a subsidiary of RBC Capital Markets, served as
financial advisor to Utah Broadband.
About Utah Broadband, LLC
Utah Broadband has been delivering broadband wireless access to customers
in six counties along the Wasatch Front, including the Salt Lake City, Provo,
and Park City metropolitan areas for nearly six years. Using advanced wireless
technologies, the company has built a highly reliable fixed wireless network
in the Utah market. Utah Broadband is one of the leading Internet service
providers for the residential and business community in Utah.
About MetroBridge Networks International Inc.
MetroBridge, a leading international fixed wireless provider, delivers
broadband wireless access using pre-WiMAX and other advanced wireless
technologies. Its highly redundant mission critical network provides
connections up to 2500Mbps in Canada and the United States. MetroBridge's
aggressive growth strategy contemplates acquisitions throughout North America
and additional complementary products and services. The Company operates in
all market segments including police and 911 services, the financial industry,
retailers and businesses of all sizes. MetroBridge was the first Canadian
carrier selected to join the WiMAX Forum(TM) to assist the industry in
establishing equipment interoperability.
Please visit the Company's website at www.metrobridge.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements that
reflect the current views and/or expectations of MetroBridge Networks
International Inc. with respect to performance, business and future events.
Such statements are subject to a number of risks, uncertainties and
assumptions. Actual results and events may vary significantly from those
disclosed herein. Investors are cautioned not to rely on these forward-looking
statements. MetroBridge Networks International Inc. does not undertake to
update these forward-looking statements.
For further information:
For further information: Samantha Singh, MetroBridge Investor Relations,
Toll Free: (888) 628-1240, Direct: (604) 628-5627, Fax: (888) 628-2650,