VICTORIA – Vecima Networks has sold part of its wireless spectrum asset to a Canadian wireless Internet service provision company for $2.3 million.
The announcement declined to name the company, but did say that the sold portion “covers a medium population density market in central Canada”, and equals approximately 6% of its total wireless spectrum holdings.
"Today’s announcement is strong evidence that there is significant value contained within the asset base we have accumulated over our 21 consecutive years of profitability," said chairman and CEO Dr. Surinder Kumar, in the announcement. "We will continue to pursue opportunities to sell our commercial spectrum and real estate assets and derive value for shareholders from these and other non-core assets as economic conditions continue to improve."
Vecima has previously revealed that its growth strategy includes selling off some of its non-core assets, such as real estate and wireless spectrum holdings.
