Mobilicity raises $215 million of new financing

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

SOURCE Mobilicity

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