|By PR Newswire||
|November 27, 2012 06:18 PM EST||
BURNABY, BC, Nov. 27, 2012 /PRNewswire/ - GLENTEL Inc. (TSX: GLN) announced today the signing of a binding agreement through its wholly-owned United States of America subsidiary GLENTEL (USA), Inc. to purchase 100% of the ownership of Automotive Technologies, Inc. ("ATI") dba Wireless Zone®, a 428-store franchise system in the United States that sells Verizon Wireless products and services.
Wireless Zone is one of six exclusive Verizon Wireless National Premium Retailers and is headquartered in Middletown, Connecticut. Founded in 1988 by Russell Weldon and Michael Geer as "The Car Phone Store®," now operating as Wireless Zone, the company has become one of the largest and most respected Verizon Wireless Premium Retailers. GLENTEL owns and operates Diamond Wireless, which is also a Verizon Wireless National Premium Retailer in the United States.
"GLENTEL recently acquired the AMT Group/Allphones in Australia and now we are delighted to welcome Wireless Zone in the United States to our company," stated Thomas Skidmore, GLENTEL's President and Chief Executive Officer. "Wireless Zone has consistently delivered strong growth in sales and profitability. Wireless Zone complements our Diamond Wireless stores with very little store overlap. This acquisition provides us with good concentration of stores in the eastern U.S. states, where more than 65% of the population is situated, and will allow us to accelerate our growth nationally representing Verizon Wireless. The addition of ATI/Wireless Zone brings the total number of locations operated by GLENTEL in Canada, Australia, and the United States to more than 1,180."
Kevin Sinclair has agreed to continue with the company as ATI/Wireless Zone's Managing Director. He has managed the strategic and profitable growth of Wireless Zone for over 18 years. Kevin Sinclair and his senior management team have entered into employment agreements and, for certain consideration, ATI will issue them share equivalent rights which include put and call provisions for an aggregate total of 4.2% of ATI's distributed operating profits.
"We are excited to join a company that shares the same values of quality, service, philanthropy and integrity," stated Kevin Sinclair, ATI/Wireless Zone's Managing Director. "With our joint commitment to the Wireless Zone team members, franchise owners, and retail customers, we are confident that Wireless Zone will help foster and accelerate GLENTEL's growth in the United States. With the backing of a solid public company, we can build our franchise system into a stronger network of retail locations while growing the Wireless Zone brand nationwide."
Wireless Zone has a long-term exclusive agency agreement with Verizon Wireless, operating 409 franchised and 19 corporate stores in 28 States, with 273 stores in the Northeast (Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Virginia), 115 stores in the Midwest (Illinois, Indiana, Iowa, Kansas, Kentucky, Pennsylvania, Michigan, Minnesota, Missouri, Ohio, Oklahoma, and West Virginia), and 40 stores in the Southeast (Florida, Georgia, Louisiana, and Texas). Wireless Zone has a focus on growth based on its national contract with Verizon Wireless. Wireless Zone operates as a franchisor registered in all 50 states in the U.S., offering GLENTEL the opportunity to grow Wireless Zone beyond its current base of 28 U.S. states. Diamond Wireless currently operates in 17 states with over 210 corporately owned retail mall-based stores, primarily in the western and southeast regions of the United States and will continue its retail mall expansion plan into the eastern United States.
The transaction is expected to close in the next two to four weeks, and is subject to the fulfillment of certain customary conditions. The total purchase price for 100% stock and other consideration is USD $83.3 million, subject to closing adjustments. The purchase price will be funded by GLENTEL's cash, short-term investments, and committed bank debt. Canaccord Genuity acted as exclusive financial advisor to Automotive Technologies Inc. (Wireless Zone).
Combined pro forma unaudited trailing twelve-month financial highlights of GLENTEL Inc. in millions of Canadian dollars, inclusive of the recently completed acquisition of Australian-based AMT Group and the pending acquisition of ATI, dba Wireless Zone:
|12-months Ended June 30, 2012|
Normalized net earnings
finance income and
items, and taxes
* Includes a wholesale business that sells mobile phones and other goods and services to its franchisees
The unaudited pro forma financial information reflects pro forma adjustments and expected synergies based on currently available information and assumptions that management of GLENTEL believes provide a reasonable basis for presenting the significant effects of the completion of the share purchase transactions. Adjustments in place adjust results to account for GLENTEL's 83% ownership interest in AMT Group. The above unaudited pro forma consolidated financial information is for informational purposes only and is not necessarily indicative of what the financial position and results of operations would have been had the completion of the acquisitions occurred on or before June 30, 2011 with assumption of 12-month trailing earnings ending June 30, 2012, nor does it purport to be indicative of the financial position as of any future date or results of operations for any future period, nor the financial position as determined under GAAP. Actual figures may differ significantly from those presented above.
GLENTEL (TSX: GLN) is the largest independent multi-carrier mobile phone retailer in Canada and a leading provider of innovative and reliable telecommunications services and solutions in North America. Founded in 1963 and headquartered in Burnaby, BC, Canada, GLENTEL comprises four operating divisions - Retail Canada, Retail U.S., Retail Australia and Business - that service thousands of consumers and commercial communications customers. The company currently operates over 750 corporate stores with more than 330 locations in Canada located nationally in retail malls, Costco Wholesale stores, and business centers; more than 210 retail locations in the United States; and more than 210 retail locations in Australia. In addition, Target Canada has licensed the operation of over 125 mobile communications sales and service kiosks within its stores to GLENTEL under the brand Target Mobile®, commencing in 2013. To its business and government customers, GLENTEL offers wireless service, rental equipment, satellite and terrestrial network systems and wireless asset monitoring. GLENTEL offers a choice of network carrier and wireless device or mobile phone to Canadian and Australian consumers and offers the family of wireless products and services of Verizon Wireless as one of its select six National Premium Retailers in the United States. GLENTEL operates its business under the trading names GLENTEL Wireless, WIRELESSWAVE, WAVE SANS FIL, Tbooth Wireless, La Cabine T Sans Fil, WIRELESS etc., SANS FIL etc., Mac Station, Diamond Wireless - a Verizon Wireless National Premium Retailer in the U.S., and Allphones in Australia.
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third-party manufacturing, managing rapid growth, limited intellectual property protection, and other risks and uncertainties described in GLENTEL's public filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE Glentel Inc.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 28, 2015 08:00 PM EDT Reads: 1,736
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Mar. 28, 2015 07:00 PM EDT Reads: 5,164
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Mar. 28, 2015 06:00 PM EDT Reads: 1,784
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 28, 2015 06:00 PM EDT Reads: 1,418
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Mar. 28, 2015 06:00 PM EDT Reads: 1,301
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Mar. 28, 2015 04:15 PM EDT Reads: 2,404
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
Mar. 28, 2015 04:15 PM EDT Reads: 1,482
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Mar. 28, 2015 03:30 PM EDT Reads: 2,142
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
Mar. 28, 2015 03:00 PM EDT Reads: 2,743
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Mar. 28, 2015 03:00 PM EDT Reads: 3,408
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
Mar. 28, 2015 02:00 PM EDT Reads: 1,595
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 28, 2015 01:00 PM EDT Reads: 1,470
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
Mar. 28, 2015 12:45 PM EDT Reads: 4,620
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Mar. 28, 2015 12:00 PM EDT Reads: 1,391
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Mar. 28, 2015 11:00 AM EDT Reads: 2,024
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Mar. 28, 2015 11:00 AM EDT Reads: 1,372
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Mar. 28, 2015 09:15 AM EDT Reads: 2,181
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
Mar. 28, 2015 08:30 AM EDT Reads: 2,015
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Mar. 28, 2015 08:00 AM EDT Reads: 615
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
Mar. 28, 2015 01:00 AM EDT Reads: 1,412