Vecima Announces Conditional Sale of Building in Saskatoon
VICTORIA, BRITISH COLUMBIA(Marketwired - Aug. 8, 2013) - Vecima Networks Inc. (TSX:VCM), an experienced designer and manufacturer of innovative technology in the broadband equipment market, today reported that it has reached an agreement to sell its building in downtown Saskatoon to the City of Saskatoon for expected proceeds of $13.4 million. The transaction is subject to approval by Saskatoon City Council. If approved by City Council, the transaction is expected to close before the end of the calendar year.
Vecima plans to relocate its research and development staff that are located in the building being sold to a leased facility in downtown Saskatoon.
"This sale is consistent with the Company's stated strategy of monetizing non-core assets", stated Sumit Kumar, President and CEO of Vecima. "Vecima has 25 years of history in Saskatoon and is proud to call the spirited city its home. Having built the majority of our workforce locally, we remain firmly committed to the City of Saskatoon. With the University of Saskatchewan and the Saskatchewan Institute of Applied Science and Technology in the city, Vecima continues to draw on the strong pool of technical talent in the city required to drive our development efforts and to compete globally."
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. Vecima's hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. Vecima's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as "the last mile", by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima's products are directed at two principal markets: Converged Wired Solutions and Broadband Wireless. The Company has also developed and continues to focus on developing products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video. More information is available at our website at www.vecima.com.