VICTORIA, B.C. – Vecima Networks Inc. announced Monday that Inukshuk Wireless Partnership has agreed to drop the lawsuit filed against the company last December after Vecima sold some of its 3.5 GHz radio spectrum licenses to Inukshuk for $4 million.
Inukshuk alleged in its legal proceedings that Vecima broke a previous agreement to sell some of its radio spectrum to Inukshuk. As part of the sale, Inukshuk has agreed to dismiss the legal action filed against Vecima in the Ontario Superior Court.
In a July 2012 press release Vecima estimated the remaining value of its radio spectrum was between $10 to $15 million. Since that time, Vecima has entered into three transactions to sell spectrum, including Monday’s announced transaction, for a total of approximately $14.1 million.
Vecima continues to hold radio spectrum licenses in the 24 and 38 GHz range as well as those licenses which are used by its YourLink subsidiary.
Inukshuk is an equally-owned joint venture between Bell Canada and Rogers Communications to build and manage a Canada-wide wireless broadband network licensed by Industry Canada.
