TORONTO, Dec. 12, 2019 /CNW/ - TeraGo Inc. ("TeraGo" or the "Company") (TSX: TGO, www.terago.ca), announces that following the distribution transaction (the "Second Alpha Transaction") carried out by Second Alpha Partners I GP, L.P. as general partner of Second Alpha Partners I (A), L.P. and Second Alpha Partners I (B), L.P. (collectively, "Second Alpha"), which resulted in Second Alpha's 19.8% common share holdings of TeraGo being distributed directly to its limited partner investors and general partner, TeraGo has redeemed the final Class B Share previously held by Second Alpha in accordance with its articles. Second Alpha Partners I GP, L.P. retains indirect control of 8.1% of the outstanding TeraGo common shares. The Class B Share had entitled Second Alpha to nominate and elect one director to TeraGo's Board. The Second Alpha Transaction is further described in the Early Warning Report dated December 11, 2019 filed by Second Alpha on TeraGo's SEDAR profile, available at www.sedar.com.
Due to the director vacancy created by the Company's redemption of the Class B Share, the Board has determined in good faith and in the best interests of the Company, for board continuity and to facilitate the discharge of its duties as a board, to retain Mr. Richard Brekka as a director. Mr. Brekka would have otherwise resigned as the Second Alpha director nominee. Mr. Brekka will remain on the Board as an appointee of the Board and will hold such office until the close of the next annual meeting of shareholders or until his successor is elected or appointed.
TeraGo owns a national spectrum portfolio of exclusive 24GHz and 38GHz wide-area spectrum licences including 2,120 MHz of spectrum across Canada's 6 largest cities. TeraGo provides businesses across Canada with cloud, colocation and connectivity services. TeraGo manages over 3,000 cloud workloads, operates five data centres in the Greater Toronto Area, the Greater Vancouver Area, and Kelowna, and owns and manages its own IP network. The Company serves business customers in major markets across Canada including Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg.
For more information about TeraGo, please visit www.terago.ca.
SOURCE TeraGo Inc.
For further information: TeraGo Investor Relations, Dennis Fong, LodeRock Advisors, Telephone: 416-282-9930, Email: [email protected]