NewsHartco announces closing of sale of Cabtel subsidiary
MONTREAL, Jun 28, 2005 (Canada NewsWire via COMTEX) --
Hartco Corporation (TSX: HCC) today reported that, further to its announcements of March 24th and May 26th, 2005, it has closed the sale of its subsidiary, Cabtel Corporation, to Glentel Inc. The sale price is $17,060,000 in cash, subject to closing adjustments. The effective date of the transaction is May 29th.
Cabtel operates The Telephone Booth / La Cabine Téléphonique specialty store chain, including 49 mall-based locations in Quebec, Ontario and Alberta. Glentel is an international wireless solutions provider operating 101 corporate locations in Canada, including 90 WirelessWave mall-based, multi- carrier cellular stores.
Profile
Hartco Corporation is Canada's largest franchisor of systems integrators and technology resellers with over 100 locations across the country operating under the names of Metafore, MicroAge, Microserv and CompuSmart. Hartco has been in the information technology business for more than 25 years and has established a dominant position as a leading provider of information technology and communication solutions to the Canadian market.
Marc D'Amour, Vice-President and Chief Financial Officer, Hartco Corporation, (514) 354-3810, Fax: (514) 354-8989, www.hartco.com