Vancouver-based Uniserve Communications Corp., an independent communications company delivering voice and data communications services, has entered into a definitive agreement for the purchase of Inter.net Canada Ltd.
Uniserve and the vendor, NACO LP, of Virginia, have agreed to complete the transaction by Jan. 31, subject to certain conditions including regulatory approval. The cost to Uniserve is approximately $5-million, consisting of $3-million in cash, subject to adjustments, the issuance of 4,600,000 Units to the vendor at $0.40, with each unit consisting of one common share and one-half share purchase warrant and the assumption of certain liabilities of the vendor.
The acquisition includes the assumption of net balance sheet liabilities of Inter.net Canada Ltd. of $1.093-million, which includes roughly $.975-million in deferred revenue.