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Toronto – December 17, 2009 – Data & Audio Visual Enterprises Wireless Inc. (DAVE Wireless) announced today that it has raised $75 million in additional capital from a group of Canadian institutional investors.
The private placement, led by GMP Securities L.P. and National Bank Financial Inc., represents an additional infusion of capital for the new company as it prepares to launch in early 2010 and bring competition and choice to Canada’s wireless market.
This announcement comes only two months after DAVE Wireless finalized $125 million in long- term financing through ING Bank N.V.
“We are on track to bring competition to Canadian wireless consumers in early 2010 with our state-of-the-art Ericsson 3G network,” said Dave Dobbin, president of DAVE Wireless. “Raising an additional $75 million for continued growth will significantly enhance our position in the market.”
About Data & Audio Visual Enterprises Wireless Inc. (DAVE Wireless)
DAVE Wireless is a Canadian wireless company led by Obelysk, a diversified Canadian holding company, and Quadrangle Capital Partners, a global investor in the telecommunications and media sectors with more than $3 billion of capital under management. Following the Canadian wireless spectrum auction, DAVE Wireless holds licenses which cover more than half of Canada's population in 10 of the 13 largest markets including Toronto, Vancouver, Calgary, Edmonton and Ottawa.
For more information, images or interviews, please contact:
Sheryl Steinberg
DAVE Wireless
416-736-3806
media@mobilicity.ca
