Alberta High Speed Deal to close soon Platinum Communications to Acquire AlbertaHighSpeed
Platinum Network Expanding in Central Alberta
Calgary, Alberta CANADA, February 01, 2012 /FSC/ - Platinum Communications Corporation (PCS - TSX Venture), announced today that it has entered into an agreement to purchase "AlbertaHighSpeed" a regional Wireless Internet Services Provider covering the communities of Lacombe, Blackfalds, Rimbey, Bentley, Crestomere and Red Deer East in Central Alberta. This acquisition, which is subject to the approval of the TSX Venture Exchange and the negotiation of a formal agreement, is expected to close within the next 90 days. The purchase price of $1,300,000 is subject to adjustments that are standard for this type of transaction.
Bernard Parkinson, President & CEO, states, "We're excited with this acquisition as it overlays our existing network and materially strengthens our presence in the rapidly growing Calgary to Edmonton corridor. Further, this acquisition will add 19 service delivery locations, 15 communities and 1,300 subscribers. Central Alberta is growing quickly and we plan to leverage this market potential."
With the addition of AlbertaHighSpeed, Platinum's total customer base will grow to in excess of 10,000 subscribers. A network map showing Platinum's growing footprint with the addition of AlbertaHighSpeed can be found at https://www.platinum.ca/acquisition/network_map.jpg.