Business
Total Telcom Completes Subsidiary Sale - Receives $1.25 Million Payment
Total Telcom Completes Subsidiary Sale - Receives $1.25 Million Payment.
About this update from Total Telcom Inc.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, May 2 /CNW/ - TOTAL TELCOM INC. (TSX Venture: TTZ) is pleased\nto announce today that in accordance with the terms of the agreement for the\nsale of it's wholly owned subsidiary Total Telcom Fiber Inc. (TTFI), the\ncompany has received the final fixed payment in the amount of $1,250,000.\nCEO Neil Magrath stated, \"While this payment satisfies and completes the\ninitial sale and purchase agreement entered into on December 1, 2005, Total\nTelcom will continue to benefit financially through the revenue sharing\nagreement entered into as part of the sale.\", Magrath further stated, \"The\nagreement covers all the unencumbered fiber assets held by TTFI prior to the\neffective date of the sale and expires on November 30, 2010 with a minimum\nfuture cash value to Total Telcom Inc. of $750,000.\"\n\n \"The TSX Venture Exchange does not accept responsibility for the\n adequacy or accuracy of this release.\"\n\n\n\n","length":1003,"tagName":"div"}]