Uniserve Announces the Closing of the Acquisition of React Networks Inc.
VANCOUVER, British Columbia, Dec. 03, 2019 (GLOBE NEWSWIRE) — Uniserve Communications Corporation (“Uniserve”) is pleased to announce that it has closed an acquisition (the “Acquisition”) of React Networks Inc. (“React”).
Uniserve’s President Kelly Walker stated: “With the acquisition of React, Uniserve will continue to grow its Internet Service Provider (“ISP”) business with an introduction of Fibre to the Home (“FTTH”) services. With the addition of FTTH, the new service will drive continued growth in our reoccurring revenue vertical and create a unique industry leading service for residential customers. As part of our continued focus on providing customer centric offerings, our new FTTH service will compliment Uniserve. The React team brings extensive enterprise managed services knowledge employing the latest generation in Fibre Internet delivery.”Acquisition of React NetworksPursuant to a Share Purchase Agreement (the “Share Purchase Agreement”), the Company paid a purchase price of $50,000 (the “Purchase Price”) for 100% ownership of React. The purchase includes a cash repayment of shareholder loans. In addition, the React acquisition adds 3 highly experienced technical and executive team members to Uniserve.React Networks is a Vancouver based Internet Service Provider offering Fibre to the Home (“FTTH”) services. They provide affordable, ultra fast fibre Internet, phone and television services to residential customers with no contract terms, no upfront setup costs, fair pricing and local support. React is actively servicing one high density residential (apartment) building in Burnaby (Metrotown), BC with several new buildings queued for service installation.About UniserveUniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact. The unique selling proposition of the business is “SMART” People, Solutions, and Technology with over 13,000 customers spread across residential and enterprise centered around Vancouver, Calgary and Kitchener-Waterloo.Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.Learn more at www.uniserve.com or at www.sedar.com.Michael C. Scholz
Chairman of the BoardFor more information please call 604-395-3961 or email [email protected].Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.