Business
TeraGo receives ISED approval for the licence transfers of Mobilexchange's spectrum
TeraGo receives ISED approval for the licence transfers of Mobilexchange's spectrum ...
About this update from Terago Inc.
[{"type":"text","content":"\n\n\n\nTeraGo receives ISED approval for the licence transfers of Mobilexchange's spectrum\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 1, 2018\n\n\n\nTORONTO, Nov. 1, 2018 /CNW/ - TeraGo Inc. (\"TeraGo\" or the \"Company\") (TSX: TGO, www.terago.ca), announced that it has received approval from Innovation, Science and Economic Development Canada (\"ISED\") for the deemed licence transfers of six 24 GHz spectrum licences from Mobilexchange Spectrum Inc. (\"MSI\") to TeraGo. The transfer of spectrum licences is in accordance with the previously announced acquisition of MSI and its parent holding company Mobilexchange Spectrum Holdings Inc. for aggregate cash consideration of $5.7 million. \n\n \n \n\n \n\"With ISED's approval for the MSI spectrum licence transfers we expect to close our previously announced acquisition of MSI in the coming days,\" said Tony Ciciretto, President and CEO of TeraGo. \"The acquisition of MSI's 24 GHz licences further strengthens TeraGo's position as the primary holder of 24 and 38 GHz fixed wireless spectrum licences in Canada's largest markets covering a total of 8.6 billion MHz-Pop1. We will look to leverage these assets to enhance our competitiveness and unlock greater value in our business.\"\nThe licences held by MSI total 960 MHz and cover approximately 3.1 billion MHz-Pop1 in Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver. Each licence retains the same expiry date of May 25, 2025 following the deemed transfer.\nForward-Looking Statements\nThis news release includes certain forward-looking statements that are made as of the date hereof. Such forward-looking statements may include but are not limited to statements regarding the acquisition by the Company of MSI and its Spectrum Licences, enhancement to TeraGo's competitiveness and unlocking greater value for the business. All such statements constitute \"forward-looking information\" as defined under, applicable Canadian securities laws. Any statements contained herein that are not statements of historical facts constitute forward-loo...