Vecima’s YourLink Awarded $4.6M in Industry Canada Funding
“Connecting Canadians” program to bring High-Speed Internet to More Rural Canadians
VICTORIA – (July 27, 2015) – Vecima Networks Inc. (TSX:VCM) today announced that YourLink has been awarded funding from Industry Canada’s “Connecting Canadians” program to expand YourLink’s network infrastructure in rural Saskatchewan. YourLink provides innovative, high-speed wireless Internet services to rural residential and business subscribers across the province. Connecting Canadians is the Government of Canada’s program to provide at least 280,000 households in rural and remote regions with high-speed Internet access (5 Mbps or more), with many households benefitting by Canada’s 150th birthday in 2017.
“With this joint funding, we will undertake a significant upgrade and expansion of our Saskatchewan network infrastructure over the next two years,” said Vecima’s President and CEO, Sumit Kumar. “We are happy after a rigorous evaluation process that our proposal was selected. Our program will bring the availability of high-speed Internet to over 40,000 rural households that currently do not have access at 5 Mbps. It represents a unique opportunity to strengthen our network, attract a larger base of subscribers, and contribute to the creation of a stronger, more connected digital Canada.”
Connecting Canadians is a key commitment under Digital Canada 150, the Government of Canada’s plan to help Canadians take full advantage of the opportunities of the digital age.
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. Vecima’s hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima’s solutions to deliver services to a converging worldwide broadband market, including what are commonly known as “triple play” (voice, video and data) and “quadruple play” (voice, video, data and wireless) services. Vecima’s solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end-users, commonly referred to as “the last mile”, by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima’s products are directed at two principal markets: Converged Wired Solutions and Broadband Wireless. The Company has also developed and continues to focus on developing products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video. More information is available at Vecima’s website at www.vecima.com.
YourLink Inc. is one of Saskatchewan’s largest providers of high-speed wireless Internet for rural and remote communities. YourLink’s wireless broadband network provides high-speed Internet service to approximately 10,000 residential and commercial subscribers from over 250 towers across rural Saskatchewan. YourLink continues to expand and strengthen its network infrastructure by deploying next generation fixed wireless technology across the province.
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements about: we will undertake a significant upgrade and expansion of our Saskatchewan network infrastructure over the next two years; and our program will bring the availability of high-speed Internet to over 40,000 rural households that currently do not have access.
In connection with the forward-looking information contained in this news release, Vecima has made numerous assumptions, regarding, among other things: Vecima will receive funding from Industry Canada to upgrade and expand its network; and the deployment of our equipment will be able to service new and existing customers with high-speed Internet. While Vecima considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Vecima’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: Vecima does not receive funding from Industry Canada; and our reliance on third-party suppliers reduces our control over our performance.
A more complete discussion of the risks and uncertainties facing Vecima is disclosed under the heading “Risk Factors” in the Company’s Annual Information Form dated September 25, 2014, as well as the Company’s continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Vecima disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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