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UnitedCorp Announces Completion of Acquisition of TNW Wireless Inc.
UnitedCorp Announces Completion of Acquisition of TNW Wireless Inc..
About this update from United American Corp
[{"type":"text","content":"\nMIAMI, Fla., March 22, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Miami-based United American Corp (\"UnitedCorp\") (OTC: UAMA) announced today that it has completed the acquisition of TNW Wireless Inc. (\"TNW Wireless\") from Investel Capital Corporation (Canada) (\"Investel\"). The plan to acquire TNW Wireless was initially announced in June 2017 and was pending the outcome of TNW Wireless' Part 1 Application of July 2017 to the Canadian Radio-television and Communications Commission (the \"CRTC\"). Under the final terms of the share exchange agreement, Investel receives 35 million common shares of UnitedCorp based on a valuation of US$0.15 per share in exchange for all issued and outstanding shares of TNW Wireless and UnitedCorp will assume CD $2.5 million in related promissory notes. Since June 2017 UnitedCorp has also provided TNW Wireless certain advances against the acquisition.\n\n \n \n \n \n \n \n \n \n \n \n \n UAMA PR March 22\n \n \n \n \n \n \n \n \n\n The Part 1 Application, amongst other things, asked the CRTC to compel Bell Mobility Inc. and TELUS Corporation to provide mandated roaming agreements to allow TNW Wireless to provide national coverage. With the CRTC ruling in favor of TNW Wireless on this request in its decision 2019-56 issued on February 28, 2019 and with the Commission further reconfirming that TNW Wireless is eligible to operate as a wireless carrier in Canada, all conditions for the acquisition had been met. The acquisition is subject to final regulatory approval and all necessary submissions have already been undertaken. \"We are very pleased to have completed this transaction, which will support the development of TNW Wireless,\" stated TNW Wireless President, Lawry Trevor-Deutsch. \"We believe the synergy of TNW Wireless with the telecom experience of UnitedCorp will be very beneficial to the execution of our business plan.\" On February 28th, the CRTC also issued a Telecom Notice of Consultation CRTC 2019-57 where the Commission stated that it is launching a comprehensive review of mobile wireless services in Canada. The CRTC noted that the Canadian wireless industry lacks competitive retail options and that a sustainable retail Mobile Virtual Network Operator (\"MVNO\") market has failed to develop under existing conditions. The Commission cited TNW Wireless' Part 1 Application and its 2...