Platinum Completes $6.5 Million Financingadmin
Platinum Completes $6.5 Million Financing
Calgary, Alberta CANADA, February 03, 2014 /FSC/ – Platinum Communications Corporation (PCS – TSX Venture), announced today that the Company has closed a financing of $6,500,000 with the Alberta Treasury Branches (ATB) consisting of new term loan; a revolving line of credit for large capital projects; and, a mergers and acquisition line.
Platinum’s use of proceeds includes:
* Consolidating five of its current term loans and vendor take backs to reduce both administration and annual debt servicing costs,
* Improving the company’s working capital that frees up more cash to expand its commercial sales activities,
* Investing capital in expanding and upgrading the company’s growing broadband network,
* Funding a number of sizable commercial customer build projects throughout the Province of Alberta that have been sourced as a result of its acquisition strategy, and
* Developing additional merger, acquisition and construction opportunities for 2014 and beyond.
ABOUT PLATINUM COMMUNICATIONS
Platinum Communications Corporation (TSX-V: PCS) is a leading provider of superior quality fixed wireless Internet and Broadband solutions in Alberta. Based in Calgary, Platinum operates a custom-built wireless broadband network that utilizes Next-Generation WiMax technology to bring fast, reliable and affordable Internet services and digital phone solutions to residents and businesses across the Province using licensed and unlicensed spectrum that extends from north of Grande Prairie to the Alberta/US border and from Medicine Hat to Banff. Platinum caters to urban, rural and remote markets that are often beyond the reach of traditional Internet providers. For more information, please visit our website at www.platinum.ca or call 403-301-4591.
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This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors or uncertainties, many of which are beyond Platinum’s control. Some of these risks and uncertainties may be described in Platinum’s corporate filings (posted at www.sedar.com). Platinum has no intention or obligation to update or revise any forward-looking statements due to new information or events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information please contact:
Bernard Parkinson, CEO
Phone (403) 301-4591
Kathy Kirkup, CFO
Phone (403) 301-4594
Source: Platinum Communications Corporation (PCS)http://www.platinum.ca
To view the press release as a PDF file, please click on the following link:
Source: Platinum Communications Corporation (TSX-V: PCS) http://www.platinum.ca
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Posted: February 3rd, 2014 under FSCWIRE.