Uniserve completes purchase of majority interest in Glenbriar Technologies
26 Junio 2017 - 8:01AM
VANCOUVER, British Columbia, June 26, 2017 (GLOBE
NEWSWIRE) -- Uniserve Communications Corporation is pleased to
announce the completion of their investment in Glenbriar
Technologies, a leading managed services company. Uniserve invested
$800,000 for a 61.3% ownership. The investment will be used to
retire all Glenbriar loans and financial obligations as well as
provide working capital for sales and marketing.
Nicholas Jeffery CEO of Uniserve Communications
said, "we are really excited that this transaction has been
completed so quickly amplifying the fit between the two
parties."
As part of this investment, Uniserve has agreed to add Mr. Robert
Matheson, the CEO of Glenbriar to Uniserve's board as a Director,
replacing Mr. Kelly Walker, who will stay on as an Advisor. Also as
part of this investment, Uniserve will issue to Glenbriar staff two
million two-year common share purchase warrants exercisable at a
price of $0.10 per share in year one, or $0.11 per share in year
two.
For the year ending Sept 2016, Glenbriar had
audited revenues of $4.7m and a positive EBITDA of $264k. For the
six-month period ending March 31st, 2017,
Glenbriar had revenues of $1.865m and a negative EBITDA of
$18k.
Glenbriar has been in operation since 1992 with
offices in Vancouver, Calgary, and Waterloo. With over 250
business clients, Glenbriar provides Canadian businesses with
integrated IT solutions, managed services, and cloud based products
in the fields of manufacturing, distribution, energy, health,
education, retail, professional services, and real estate. The plan
is to consolidate their Vancouver office into Uniserve's office
location in the next ninety days.
Jeffery said, "this is a significant plank of our
strategy to offer products and services across Canada and
build out the managed service portfolio, this combined with the
acquisition of Xanity Cloud services puts us in a dominant position
for telecoms, media and technology managed services on the Western
sea board."
The non-brokered private placement previously
announced on June 12, 2017 for $400,000 has been increased to
$600,000 and has been fully subscribed and no fees are payable.
About Uniserve
Uniserve is a unified communications company which
has been in existence for over 28 years, combining voice, data and
media all into one seamless solution, one bill and one point of
contact in Canada, spread across 13,000 customers serving the
Residential / Small Office / Home office and Enterprise
markets.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: UNISERVE COMMUNICATIONS CORPORATION via
Globenewswire
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