Com Acquires WaveRider Canada
VICTORIA, BRITISH COLUMBIA, Jul 4, 2006 (CCNMatthews via COMTEX) -- VCom Inc. (TSX:VCM), a leader in broadband last mile access technology, announced today that it has completed an agreement with Wave Wireless Corporation (OTCBB: WVWC) to acquire a cluster of companies which will provide new broadband wireless technologies, synergistic sales channels, and substantial revenues in product sales.
Under the terms of the agreement, VCom has purchased WaveRider Communications (Canada) Inc., WaveRider Communications (USA) Inc., Jetstream Internet Services Inc., and Avendo Wireless Inc. from their parent WaveRider Communications Inc, a subsidiary of Wave Wireless Corporation. The shares of all the companies will be purchased for approximately $1 million USD, to be paid in cash. VCom expects the collective revenue of the acquired companies to contribute in the order of $5 million CAD to its fiscal 2007 sales. |
