GLENTEL Business Division Completes Sale of MSAT Division and Continues Growth
with Multiple Large Million-Dollar Projects Completed in 2013
BURNABY, BC, Jan. 9, 2014 /CNW/ - GLENTEL Inc. (TSX: GLN) announces the
completion of the sale of its Business Division's non-core MSAT satellite
division to Infosat Communications LP for a range of $2.5 million to $4
million based on an earn-out over a period of time.
"The Business Division (dba GLENTEL Wireless Solutions) continues to
strengthen its position in the market by focusing on its core business of
providing turnkey private network communications solutions to a variety of
customers, including government, public safety, oil and gas, and mining,"
stated Cary Skidmore, Executive Vice President and Chief Marketing Officer of
GLENTEL. "Completed contracts for 2013 include a million-dollar project
upgrade of a large refinery communications system in Ontario; a
multi-million-dollar first responders' communications system for a number of
municipalities in the Greater Ottawa area; a system in Saskatchewan for one of
the largest potash mines in the world; the installation of several hundred
radios for a large municipality in the GTAA; as well as a system for a
municipality in BC's Lower Mainland. In the coming weeks, we will be
announcing a significant number of new contracts that position the Business
Division for continued profitable growth in 2014."
Based in Burnaby, BC, Canada, GLENTEL (TSX: GLN) celebrated its 50(th)
anniversary in 2013. GLENTEL is the largest independent multi-carrier mobile
phone retailer in Canada and Australia. In the United States, GLENTEL operates
two of the six National Premium Retailers for Verizon Wireless. GLENTEL is a
leading provider of innovative and reliable wireless communications services
and solutions, offering a choice of network carrier and wireless or mobile
products to consumers and commercial customers.
GLENTEL's brands - GLENTEL Wireless Solutions, WIRELESSWAVE, WAVE SANS FIL,
Tbooth wireless, la cabine T sans fil, WIRELESS etc…, SANS FIL etc…, Mac
Station, iStation, Diamond Wireless, Wireless Zone, and Allphones - span four
countries and three continents. The Company employs over 4,300 employees and
operates in more than 1,400 locations, including more than 470 locations in
Canada - in retail malls, business centres, Costco Wholesale Canada stores,
and Target Canada stores; more than 760 Verizon Wireless-authorized locations
in the United States (Diamond Wireless, BJ's Wholesale Club kiosks, and
Wireless Zone corporate and franchise locations); and more than 170 Allphones
retail locations in Australia and the Philippines.
This news release contains statements about financial and operating
performance of GLENTEL and future events that are forward looking. By their
nature, forward looking statements require GLENTEL to make assumptions and
predictions and are subject to inherent risks and uncertainties. There is
significant risk that the forward-looking statements will not prove to be
accurate. Readers are cautioned not to place undue reliance on forward-looking
statements as a number of factors could cause actual future performance and
events to differ materially from that expressed in the forward looking
statements. Accordingly, this news release is subject to the disclaimer and
qualified by the qualifications and risk factors referred to in GLENTEL's 2012
Annual Information Form, in the 2012 annual report, and any assumptions,
qualifications and risk factors contained in other GLENTEL public disclosure
documents and filings with securities commissions in Canada (on SEDAR at
sedar.com). Except as required by law, GLENTEL disclaims any intention or
obligation to update or revise forward looking statements, and reserves the
right to change, at any time at its sole discretion, its current practice of
updating annual targets and guidance.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS
APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
For a copy of GLENTEL's annual report or for additional information, visit
www.glentel.com or www.sedar.com.
SOURCE Glentel Inc.
Investor Relations Contact: Jas Boparai, Chief Financial Officer GLENTEL Inc.
Media Contact: Lois Grierson GLENTEL Inc. email@example.com
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CO: Glentel Inc.
ST: British Columbia
-0- Jan/09/2014 23:50 GMT
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