The Pathcom Wireless Acquisition should be closing within the next couple of weeks. This acquisition will help boost commercial revenue. They are not only acquiring customers this time, but the mgmt group and engineering team as well. Looks like a nice addition to the company.
Press Release Link
Platinum to Acquire Wireless EPC Firm
Platinum to Acquire Wireless EPC Firm
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. |
