Vecima Announces First Closing of YourLink Sale
VICTORIA – (January 12, 2017) – Vecima Networks Inc. (TSX:VCM), is pleased to announce the first closing of the sale of the assets of its YourLink business based in Saskatchewan to Xplornet Communications Inc.
As previously announced in a news release dated January 9, 2017, the first closing represents $20.0 million of an estimated $28.75 million all-cash deal with the final closing of $8.75 million (subject to working capital and customary closing adjustments) expected to occur before the end of Q2 calendar 2017.
YourLink operates a large wireless service provider in rural Saskatchewan that provides fixed broadband wireless data and telephone access to both residential and business subscribers.
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) is a globally recognized leader in creating breakthrough technology solutions that empower network service providers to connect people and enterprises to information and entertainment worldwide. Vecima products for the cable industry allow service providers a cost-effective Last Mile Solution® for both video and broadband access, especially in the demanding business services market segment. Vecima also provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, Nero Global Tracking, and FleetLynx brands. More information is available at our website at www.vecima.com.
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Vecima Networks Inc.
771 Vanalman Avenue, Victoria, BC V8Z-3B8. Canada
Phone: (250) 881-1982 Fax: (250) 881-1974