VICTORIA, British Columbia, Oct. 25, 2017 (GLOBE NEWSWIRE) -- Vecima Networks Inc. (“Vecima”) (TSX:VCM), an experienced designer and manufacturer of innovative technology in the broadband equipment market, today announced that it has entered into a definitive agreement with Donald Gibbs and 2204671 Ontario Inc. (the “Vendors”) to acquire an aggregate of 5,582,000 common shares (“AirIQ Shares”) of AirIQ Inc. (“AirIQ”) (TSX-V:IQ).
As consideration for the AirIQ Shares, Vecima issued an aggregate of 96,443 common shares of Vecima, at a deemed value of $948,940, to the Vendors. The deemed consideration per AirIQ Share is $0.17. Vecima previously held 570,500 AirIQ Shares, representing 2.0% of the issued and outstanding shares of AirIQ. It acquired 5,582,000 AirIQ Shares, representing 19.3% of the issued and outstanding shares of AirIQ, and following the transaction will hold 6,152,500 AirIQ Shares, representing 21.3% of the issued and outstanding shares of AirIQ.
The AirIQ Shares were acquired for investment purposes. Depending on market conditions and other factors, Vecima may from time to time acquire additional securities of AirIQ or dispose of securities of AirIQ in the open market, by private agreement or otherwise.
To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the acquisition of AirIQ shares above, please see AirIQ’s profile on the SEDAR website www.sedar.com.
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) is a globally recognized leader in creating breakthrough technology solutions that empower network service providers to connect people and enterprises to information and entertainment worldwide. Vecima products for the cable industry allow service providers a cost-effective Last Mile Solution® for both video and broadband access, especially in the demanding business services market segment. Vecima also provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, Nero Global Tracking, and FleetLynx brands. For more information, please visit our website at www.vecima.com.
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