OTTAWA – Satellite voice and broadband provider RAMTelecom has signed a letter of intent to sell its shares to OmniGlobe Networks for a cash deal worth $2.65 million.
The press release says that the transaction is subject to due diligence, and regulatory and shareholder approval. The companies anticipate that the deal will be concluded by the end of February.
"We have been in discussion with OmniGlobe for quite some time," said Ralph Misener, CEO of RAMTelecom. "They recognize the high quality product we offer and plan on expanding those services with additional resources and new value-added solutions to both enhance Misener Telecom’s present customers’ experience and expand into new markets. Based on the current state of the public market and the economic challenges we have faced over the past year, we have decided that this Transaction is in the best interest of the shareholders, clients and employees."
Misener Telecom is the operating asset of RAMTelecom.
