2013-10-16 15:35:52 -
Platinum Expands into Peace River and Fort McMurray
Calgary, Alberta CANADA, October 16, 2013 /FSC/ - Platinum Communications Corporation (PCS - TSX Venture), announced today that it has entered into a Letter of Intent to acquire the management group, engineering team and operating assets of Pathcom Wireless Inc. (Pathcom) for $800,000. Pathcom has grown to generate in excess of $3.5 million in annual recurring and project revenue from a variety of senior oil and gas producers operating in Northern Alberta and British Columbia.
Utilizing WiMAX, point-to-point microwave and fibre Pathcom's experienced Engineering, Procurement, and Construction (EPC) team of industry professionals builds communications systems for the telecommunications, energy and mining sectors. With this complementary acquisition Platinum will diversify its revenue streams, while
augmenting its high capacity broadband presence in the Peace River and Fort McMurray regions.
This acquisition, which is subject to the execution of a formal agreement, is expected to close within the next 90 days, and is subject to due diligence and other closing conditions that are standard for this type of transaction.
ABOUT PLATINUM COMMUNICATIONS
Platinum Communications Corporation (TSX-V: PCS) is a leading provider of superior quality fixed wireless Internet and Broadband solutions in Alberta. Based in Calgary, Platinum operates a custom-built wireless broadband network that utilizes Next-Generation WiMax technology to bring fast, reliable and affordable Internet services and digital phone solutions to residents and businesses across the Province using licensed and unlicensed spectrum that extends from north of Grande Prairie to the Alberta/US border and from Medicine Hat to Banff. Platinum caters to urban, rural and remote markets that are often beyond the reach of traditional Internet providers. For more information, please visit our website at www.platinum.ca or call 403-301-4591.
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This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors or uncertainties, many of which are beyond Platinum's control. Some of these risks and uncertainties may be described in Platinum's corporate filings (posted at www.sedar.com). Platinum has no intention or obligation to update or revise any forward-looking statements due to new information or events. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information please contact:
Bernard Parkinson, CEO
Phone (403) 301-4591
Katherine Kirkup, CFO
Phone (403) 301-4594
Source: Platinum Communications Corporation (PCS) www.platinum.ca
To view this press release as a PDF, please click on the following link:
Source: Platinum Communications Corporation (TSX-V: PCS) www.platinum.ca
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