Press release from Marketwire
TeraGo Completes Wireless Spectrum Purchase
Wednesday, July 28, 2010
TORONTO, ONTARIO--(Marketwire - July 28, 2010) - TeraGo Networks Inc. (TSX:TGO) (www.terago.ca), a leading network service provider to businesses in Canada, announced it has received approval from Industry Canada, and completed its previously announced purchase of licences for 24GHz spectrum, covering six of the largest markets in Canada.
TeraGo announced that it exercised its option to purchase these spectrum assets on June 23, 2010, under an existing lease arrangement with Mobilexchange Spectrum Inc. With this regulatory approval, the transaction is expected to be completed today. The final payment will be made in the third quarter.
"We are pleased that Industry Canada approved our application on a timely basis," said Bryan Boyd, President and Chief Executive Officer, TeraGo Networks Inc. "We plan to use this spectrum to provide Ethernet-based broadband links for businesses, government and cellular backhaul, as part of our growth strategy."
The purchased spectrum includes 240 MHz each in Montreal, Ottawa and Toronto, as well as 80 MHz each in Edmonton, Calgary and Vancouver. TeraGo now owns 76 spectrum licences in the 24 GHz and 38 GHz bands, covering geographic regions in Canada with a population base of nearly 23 million.
About TeraGo Networks
TeraGo Networks Inc. provides small and medium sized businesses with carrier-grade wireless broadband, data and voice communications services. The national network service provider owns and manages its wireless IP network servicing more than 5,000 customer locations in 43 major markets across Canada including Toronto, Montreal, Ottawa, Calgary, Edmonton, Vancouver and Winnipeg. TeraGo Networks is a Competitive Local Exchange Carrier (CLEC) and is a wholly owned subsidiary of TeraGo Inc. (TSX:TGO). More information about TeraGo is available at www.terago.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
TeraGo Networks Inc. Bryan Boyd President & Chief Executive Officer (905) 707-0788 Bryan.Boyd@terago.ca