Tower One Wireless Corp (OTCQB: TOWTF) (CSE: TO) announces it has entered into an agreement to acquire a 100% interest in Process Cellular Inc. (“ProCell”) as a wholly owned subsidiary.
ProCell has been operating out of Southern California for over 20 years as a turnkey general contractor that specializes in the telecommunications industry & structural engineering/design. ProCell has the knowledge, equipment, and resources to tackle every aspect of tower construction. ProCell is committed to implementing, developing, improving strategies, management systems and processes to ensure that all construction activities uphold the highest level of safety performance.
This strategic acquisition gives Tower One subsidiary Tower Construction and Technical Services Inc. (“TCTS”) significant exposure to the California and Arizona markets with current clients such as: Verizon, AT&T, Sprint and T-Mobile as well as 2017 revenues of over $17 million USD. ProCell is also an approved contractor for American Tower and Crown Castle that operate internationally and throughout South America.
Alejandro Ochoa, CEO of Tower One, states: “This strategic acquisition will allow economies of scale in the services business, cost reduction through consolidation of many expenses including insurance and additional clients for the combined entity. Cross-servicing in additional markets will allow the combined entity to service in clients in California, Texas, Florida and Arizona.”
The terms of the deal are subject to ongoing due diligence and are anticipated to be combined with the previously announced spin-out of Tower One’s existing tower services subsidiary, TCTS, announced February 21st 2018. A definitive agreement is expected to be completed on or before June 1st 2018.
Mr. Ochoa continues: “The previously announced spin-out will provide Tower One shareholders with additional equity exposure in the growing telecom services sector. As well, it will allow Tower One’s management team to be focused on its core business of providing cell towers to mobile network operators in Latin America. This business has seen strong growth, in Colombia and Argentina, along with new opportunities in Mexico.”
Tower One recently announced the acquisition of 80 new wireless tower sites in Argentina. Each wireless tower site consists of ownership of the underlying real-estate as well as the rights to build wireless cell towers. In addition to the 80 new tower sites, Tower One currently has under construction 15 towers in Argentina. The company has also been notified that two towers have received co-location applications in Colombia, which will result hosting of multiple carrier clients on a single wireless tower. Tower One’s current portfolio now consists of over 40 wireless towers now erected in Colombia and Argentina and over 300 secured search rings.
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