BURNABY, BC, Jan. 9, 2014 /CNW/ - GLENTEL Inc. (TSX: GLN) announces the
completion of the sale of its Business Division's non-core MSAT
satellite division to Infosat Communications LP for a range of $2.5
million to $4 million based on an earn-out over a period of time.
"The Business Division (dba GLENTEL Wireless Solutions) continues to
strengthen its position in the market by focusing on its core business
of providing turnkey private network communications solutions to a
variety of customers, including government, public safety, oil and gas,
and mining," stated Cary Skidmore, Executive Vice President and Chief
Marketing Officer of GLENTEL. "Completed contracts for 2013 include a
million-dollar project upgrade of a large refinery communications
system in Ontario; a multi-million-dollar first responders'
communications system for a number of municipalities in the Greater
Ottawa area; a system in Saskatchewan for one of the largest potash
mines in the world; the installation of several hundred radios for a
large municipality in the GTAA; as well as a system for a municipality
in BC's Lower Mainland. In the coming weeks, we will be announcing a
significant number of new contracts that position the Business Division
for continued profitable growth in 2014."
About GLENTEL
Based in Burnaby, BC, Canada, GLENTEL (TSX: GLN) celebrated its 50th anniversary in 2013. GLENTEL is the largest independent multi-carrier
mobile phone retailer in Canada and Australia. In the United States,
GLENTEL operates two of the six National Premium Retailers for Verizon
Wireless. GLENTEL is a leading provider of innovative and reliable
wireless communications services and solutions, offering a choice of
network carrier and wireless or mobile products to consumers and
commercial customers.
GLENTEL's brands - GLENTEL Wireless Solutions, WIRELESSWAVE, WAVE SANS
FIL, Tbooth wireless, la cabine T sans fil, WIRELESS etc…, SANS FIL
etc…, Mac Station, iStation, Diamond Wireless, Wireless Zone, and
Allphones - span four countries and three continents. The Company
employs over 4,300 employees and operates in more than 1,400 locations,
including more than 470 locations in Canada - in retail malls, business
centres, Costco Wholesale Canada stores, and Target Canada stores; more
than 760 Verizon Wireless-authorized locations in the United States
(Diamond Wireless, BJ's Wholesale Club kiosks, and Wireless Zone
corporate and franchise locations); and more than 170 Allphones retail
locations in Australia and the Philippines.
Forward-Looking Statements
This news release contains statements about financial and operating
performance of GLENTEL and future events that are forward looking. By
their nature, forward looking statements require GLENTEL to make
assumptions and predictions and are subject to inherent risks and
uncertainties. There is significant risk that the forward-looking
statements will not prove to be accurate. Readers are cautioned not to
place undue reliance on forward-looking statements as a number of
factors could cause actual future performance and events to differ
materially from that expressed in the forward looking statements.
Accordingly, this news release is subject to the disclaimer and
qualified by the qualifications and risk factors referred to in
GLENTEL's 2012 Annual Information Form, in the 2012 annual report, and
any assumptions, qualifications and risk factors contained in other
GLENTEL public disclosure documents and filings with securities
commissions in Canada (on SEDAR at sedar.com). Except as required by law, GLENTEL disclaims any intention or
obligation to update or revise forward looking statements, and reserves
the right to change, at any time at its sole discretion, its current
practice of updating annual targets and guidance.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
For a copy of GLENTEL's annual report or for additional information,
visit www.glentel.com or www.sedar.com.
SOURCE Glentel Inc.
