TORONTO, ONTARIO--(Marketwire - Sept. 5, 2012) - TeraGo Inc. (TGO.TO) (www.terago.ca) today announced that its Board of Directors has initiated a review process to identify, examine and consider a range of strategic options available to the Company with a view to enhancing shareholder value.
The review was initiated following the recent amendments of the Telecommunications Act (Canada) which removed foreign ownership restrictions on telecommunications companies with less than a 10% market share in Canada, which applies to TeraGo.
A Special Committee of the Board has been formed to oversee the review process. The Special Committee is comprised of the Company's four independent directors -- Charles Allen, Chairman of the Board, Grant Ballantyne, Jim McDonald and Hon. Jerry Grafstein, Q.C., who chairs the Special Committee. TeraGo has engaged Houlihan Lokey, a US-headquartered international investment bank and Canaccord Genuity, a Canadian-headquartered international investment bank, as its financial advisors in connection with the review process.
There can be no assurance that the strategic review process will result in any change in the operation or ownership of the Company and TeraGo does not intend to make any further announcements with respect to its strategic review until such time as it deems appropriate.
About TeraGo Networks
TeraGo Networks Inc. provides small and medium sized businesses with carrier-grade wireless broadband, data and voice communications services. The national network service provider owns and manages its wireless IP network servicing more than 6,400 customer locations in 46 major markets across Canada including Toronto, Montreal, Calgary, Edmonton, Vancouver and Winnipeg. TeraGo Networks is a Competitive Local Exchange Carrier (CLEC) and is a wholly owned subsidiary of TeraGo Inc. (TGO.TO). More information about TeraGo is available at www.terago.ca.