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Helical to acquire interest in CableTec Business Network Solutions Ltd.
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Thursday, September 28, 2006 |
HALIFAX, NS, Sept. 28 /CNW/ - The Helical Corporation Inc. ("Helical"),
(TSX Venture-HSI) announced today that it has entered into a Letter of Intent
with CableTec Business Network Solutions Ltd. ("CableTec Business Network
Solutions") of Dartmouth, NS. to subscribe for 4,000,000 shares in CableTec
Business Network Solutions representing 80% of the outstanding common shares
of CableTec Business Network Solutions.
CableTec Business Network Solutions designs and develops comprehensive
internet based business solutions and is in the process of acquiring a 100%
interest in Cabletec Limited of Dartmouth, NS. ("CableTec"). CableTec is
engaged in the telecommunications business in the Maritime Provinces of Canada
and in Newfoundland through its wholly owned subsidiary, Cabletec Business
Telecommunications Newfoundland Limited ("Cabletec Nfld").
Cabletec is recognized in the telecommunications industry as a leader in
providing high quality interconnect products, services and support to
customers throughout Atlantic Canada. CableTec represents market leaders in
telecommunications, bringing the worlds most advanced technology to businesses
in Atlantic Canada. Their reputation for expert and conscientious service and
support sets them apart in the industry. CableTec's integrated Voice
Processing and Wireless divisions excel in planning and implementing customer
specific communications systems that help organizations achieve strategic
business objectives.
Cabletec has experienced average annual operating revenues in excess of
$3 million over the last several years.
The Letter of Intent provides for Helical to subscribe for 80% of the
common shares of Cabletec Business Solutions for aggregate consideration of
$ 135,000 Canadian. The existing shareholders of CableTec Business Solutions
will retain a 20% common sharehold interest in addition to holding $
1.5 million in Non Voting, Non Cumulative Redeemable Exchangeable Preferred
Shares.
"The opportunity to combine our resources with Cabletec is a major step
forward in positioning both Helical and Cabletec to take advantage of
substantial opportunities in emerging telecommunication markets stated"
Mr. William Fleming, President and CEO of Helical. "We see this prospective
acquisition of Cabletec as providing substantial benefits to Helical though
access to the Cabletec's customers, suppliers and the acquisition of
additional core competencies from the Cabletec management and staff."
The transaction is subject to regulatory and other approvals and does not
result in a change of control of Helical.
About The Helical Corporation Inc.
----------------------------------
Helical commercializes emerging technologies.
Helical Systems Inc. (www.helical.ns.ca) a 50.1 % owned subsidiary, is
the developer of a revolutionary software platform for Very Large Data Base
(VLDB) management. The advanced capabilities of the software allow for the
acquisition, visualization, fusion, management and archiving of near limitless
quantities of data in real time at the desktop level. Helical is focused on
licensing the Helical Software Platform to first tier OEMs such as IBM, Dell,
HP and ESRI.
Wholly owned subsidiary, EIT Inc. ("EIT") of Sanford, Florida, provides
engineering and installation (voice and data) services to major
telecommunications manufacturers such as Siemens. In addition EIT provides
engineering, furnishing and installation services to telecommunications
service providers including Verizon, Sprint, Bellsouth and under a marketing
agreement with Siemens Communications sells and distributes Siemens DCO line
of switching equipment to many of the Independent Operating Telephone
Companies (IOC) in the United States.
Further Helical is the owner of the patented Continuous Ablative
Regeneration (C.A.R.) Waste to Energy Technology which uses pyrolysis
reactions to reduce organic materials (such as wood waste, biomass and
municipal solid waste) into their original chemistry on an environmentally
friendly basis. Helical believes that the CAR Technology can play an important
role in the current quest to develop alternate sources of reasonable priced
energy.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS
RELEASE.
Helical at present, has 62,413,168 common shares issued and outstanding.
%SEDAR: 00008312E
For further information: please contact: Mr. William Fleming, The Helical Corporation Inc., (902) 492-2211, Facsimile: (902) 492-2242, www.helical.ns.ca |
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Comments (1)
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Re: Helical to acquire interest in CableTec Business Network Solutions Ltd. |
By Carrie on
Monday, January 22, 2007 |
| Does any one know if this is true? I m being told this is not and never was? |
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