TORONTO – A share deal announced this month has seen Iristel purchase most of Adya Inc., and transition into a publicly traded company on the TSX Venture Exchange.
Adya owns such telecom brands as G3 Telecom, Telehop, iRoam and a few 10-10 long distance competitors. It’s also publicly traded, so this means Iristel, in acquiring control, becomes a publicly traded company. Iristel is a wholesale and retail connectivity provider, delivering VoIP, broadband and other services, is a CLEC and owns Ice Wireless.
Last week, according to the press release, Adya announced it has closed a private placement offering of 21,249,936 common shares of the company to Iris Technologies at a price per share equal to $0.07647, for aggregate gross proceeds of $1,625,000 to the company.
The deal will see Iristel hold approximately 90% of the Adya shares issued and outstanding.
As part of this transaction, Adya’s Board members have resigned and new directors are appointed. Rajan Arora, Eamon Hoey, Rajiv Jagota, Robert Stikeman, and Pankaj Varma have resigned. The new board of directors includes Samer Bishay, Magdi Wanis, Robert Khoury, Eric Rothschild, and Steve Gregory
Also effective on the closing date, Rajiv Jagota resigned as Adya’s CEO and was replaced by Bishay. Kyle Appleby, the current chief financial officer of Adya remains and Robert Khoury was appointed as secretary.
"We are excited about the opportunity to realize the synergies between Telehop and Iristel, 2 of Canada’s longstanding competitive communication service providers. Combining Iristel’s success as Canada’s premier provider of wholesale Telecom services with Adya’s consumer focused well-recognized brands is a winning combination for Adya,” said Bishay, Iristel’s CEO, in the October release which originally announced the transaction.
Telehop, G3 Telecom, and iRoam will continue to operate as distinct entities and operating platforms.
