KELOWNA, BC, Jan. 29 /CNW/ - TOTAL TELCOM INC. (TSX Venture: TTZ) today announced that it has agreed to the conditional sale of fiber inventory held by its former wholly owned subsidiary Total Telcom Fiber Inc. (TTFI) to an Alberta based company. The $750,000 cash purchase price is subject to the buyers' due diligence and is expected to be completed by the end of April, 2007. Under the terms and conditions from the sale of TTFI, Total Telcom Inc. will receive 90% ($675,000) of the proceeds.
Mr. Neil Magrath, CEO, stated that "While the demand for fiber has somewhat decreased over the last several years, the quality and geographical location of Total Telcom's former fiber-optic network remains a strategic part of Alberta's growing infrastructure." Mr. Magrath further stated, "This sale represents about a third of the fiber inventory that Total Telcom Inc. has a vested interest in."
Trading symbol: TTZ: TSX Venture
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