Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

GLENTEL Inc. agrees to acquire Wireless Zone® - A 428- store Verizon Wireless U.S. retailer

BURNABY, BC, Nov. 27, 2012 /PRNewswire/ - GLENTEL Inc. (TSX: GLN) announced today the signing of a binding agreement through its wholly-owned United States of America subsidiary GLENTEL (USA), Inc. to purchase 100% of the ownership of Automotive Technologies, Inc. ("ATI") dba Wireless Zone®, a 428-store franchise system in the United States that sells Verizon Wireless products and services.

Wireless Zone is one of six exclusive Verizon Wireless National Premium Retailers and is headquartered in Middletown, Connecticut. Founded in 1988 by Russell Weldon and Michael Geer as "The Car Phone Store®," now operating as Wireless Zone, the company has become one of the largest and most respected Verizon Wireless Premium Retailers. GLENTEL owns and operates Diamond Wireless, which is also a Verizon Wireless National Premium Retailer in the United States.

"GLENTEL recently acquired the AMT Group/Allphones in Australia and now we are delighted to welcome Wireless Zone in the United States to our company," stated Thomas Skidmore, GLENTEL's President and Chief Executive Officer. "Wireless Zone has consistently delivered strong growth in sales and profitability. Wireless Zone complements our Diamond Wireless stores with very little store overlap. This acquisition provides us with good concentration of stores in the eastern U.S. states, where more than 65% of the population is situated, and will allow us to accelerate our growth nationally representing Verizon Wireless. The addition of ATI/Wireless Zone brings the total number of locations operated by GLENTEL in Canada, Australia, and the United States to more than 1,180."

Kevin Sinclair has agreed to continue with the company as ATI/Wireless Zone's Managing Director. He has managed the strategic and profitable growth of Wireless Zone for over 18 years. Kevin Sinclair and his senior management team have entered into employment agreements and, for certain consideration, ATI will issue them share equivalent rights which include put and call provisions for an aggregate total of 4.2% of ATI's distributed operating profits.

"We are excited to join a company that shares the same values of quality, service, philanthropy and integrity," stated Kevin Sinclair, ATI/Wireless Zone's Managing Director. "With our joint commitment to the Wireless Zone team members, franchise owners, and retail customers, we are confident that Wireless Zone will help foster and accelerate GLENTEL's growth in the United States. With the backing of a solid public company, we can build our franchise system into a stronger network of retail locations while growing the Wireless Zone brand nationwide."

Wireless Zone has a long-term exclusive agency agreement with Verizon Wireless, operating 409 franchised and 19 corporate stores in 28 States, with 273 stores in the Northeast (Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Virginia), 115 stores in the Midwest (Illinois, Indiana, Iowa, Kansas, Kentucky, Pennsylvania, Michigan, Minnesota, Missouri, Ohio, Oklahoma, and West Virginia), and 40 stores in the Southeast (Florida, Georgia, Louisiana, and Texas). Wireless Zone has a focus on growth based on its national contract with Verizon Wireless. Wireless Zone operates as a franchisor registered in all 50 states in the U.S., offering GLENTEL the opportunity to grow Wireless Zone beyond its current base of 28 U.S. states. Diamond Wireless currently operates in 17 states with over 210 corporately owned retail mall-based stores, primarily in the western and southeast regions of the United States and will continue its retail mall expansion plan into the eastern United States.

Transaction Summary

The transaction is expected to close in the next two to four weeks, and is subject to the fulfillment of certain customary conditions. The total purchase price for 100% stock and other consideration is USD $83.3 million, subject to closing adjustments. The purchase price will be funded by GLENTEL's cash, short-term investments, and committed bank debt. Canaccord Genuity acted as exclusive financial advisor to Automotive Technologies Inc. (Wireless Zone).

Financial Highlights

Combined pro forma unaudited trailing twelve-month financial highlights of GLENTEL Inc. in millions of Canadian dollars, inclusive of the recently completed acquisition of Australian-based AMT Group and the pending acquisition of ATI, dba Wireless Zone:

  12-months Ended June 30, 2012
  GLENTEL
Inc.
ATI
Wireless Zone
AMT Group
Allphones
Adjustments Consolidated
Pro Forma
Sales $617.7 $545.8* $167.7 ($28.5) $1,302.7
Normalized net earnings
before amortization,
finance income and
expenses, non-recurring
items, and taxes
$48.6 $15.3 $19.2 ($3.3) $79.8

* Includes a wholesale business that sells mobile phones and other goods and services to its franchisees

The unaudited pro forma financial information reflects pro forma adjustments and expected synergies based on currently available information and assumptions that management of GLENTEL believes provide a reasonable basis for presenting the significant effects of the completion of the share purchase transactions. Adjustments in place adjust results to account for GLENTEL's 83% ownership interest in AMT Group. The above unaudited pro forma consolidated financial information is for informational purposes only and is not necessarily indicative of what the financial position and results of operations would have been had the completion of the acquisitions occurred on or before June 30, 2011 with assumption of 12-month trailing earnings ending June 30, 2012, nor does it purport to be indicative of the financial position as of any future date or results of operations for any future period, nor the financial position as determined under GAAP. Actual figures may differ significantly from those presented above.

About GLENTEL

GLENTEL (TSX: GLN) is the largest independent multi-carrier mobile phone retailer in Canada and a leading provider of innovative and reliable telecommunications services and solutions in North America. Founded in 1963 and headquartered in Burnaby, BC, Canada, GLENTEL comprises four operating divisions - Retail Canada, Retail U.S., Retail Australia and Business - that service thousands of consumers and commercial communications customers. The company currently operates over 750 corporate stores with more than 330 locations in Canada located nationally in retail malls, Costco Wholesale stores, and business centers; more than 210 retail locations in the United States; and more than 210 retail locations in Australia. In addition, Target Canada has licensed the operation of over 125 mobile communications sales and service kiosks within its stores to GLENTEL under the brand Target Mobile®, commencing in 2013. To its business and government customers, GLENTEL offers wireless service, rental equipment, satellite and terrestrial network systems and wireless asset monitoring. GLENTEL offers a choice of network carrier and wireless device or mobile phone to Canadian and Australian consumers and offers the family of wireless products and services of Verizon Wireless as one of its select six National Premium Retailers in the United States. GLENTEL operates its business under the trading names GLENTEL Wireless, WIRELESSWAVE, WAVE SANS FIL, Tbooth Wireless, La Cabine T Sans Fil, WIRELESS etc., SANS FIL etc., Mac Station, Diamond Wireless - a Verizon Wireless National Premium Retailer in the U.S., and Allphones in Australia.

Forward-Looking Statements
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third-party manufacturing, managing rapid growth, limited intellectual property protection, and other risks and uncertainties described in GLENTEL's public filings with securities regulatory authorities.

NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

For a copy of GLENTEL's annual report or for additional information, visit www.glentel.com or www.sedar.com.

 

SOURCE Glentel Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...