Mobilicity Terminates TELUS Deal, Calls for Debt Holders Meeting

The proposed acquisition of Mobilicity, a.k.a. Data & Audio-Visual Enterprises Wireless Inc., by TELUS Corp. has been officially terminated by the company, following a recent block of the deal by federal authorities. Mobilicity will now hold a meeting of its debt holders to vote on its previously announced recapitalization plan on June 25. The Toronto-based mobile service provider has been backed by U.S. private equity firm Quadrangle Capital Partners since 2008.

PRESS RELEASE:

Data & Audio-Visual Enterprises Holdings Inc. and its affiliates (collectively, Mobilicity) today announced that TELUS has exercised its option to terminate the TELUS Acquisition Plan.

Mobilicity also announced that it will now pursue its previously announced recapitalization plan, which will be voted on by debtholders at a meeting on June 25, 2013.

The company will continue to provide updates as warranted. Mobilicity continues to deliver an affordable wireless experience to its customers. For more information, please visit Mobilicity’s website at www.mobilicity.ca/investorrelations.

About Mobilicity (DAVE Wireless):

Mobilicity, Canada’s smart mobile carrier, was created to bring down the cost of wireless with unlimited talk, text and data plans, affordable North American coverage, plus popular handsets and smartphones – without locking customers into contracts or charging extra or hidden fees. Everything Mobilicity does adds up to a better wireless experience, not an expensive one. NOW THAT’S SMART.

Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE Wireless), the company is led by Obelysk, a diversified Canadian holding company, and Quadrangle Capital Partners, a global investor in the telecommunications and media sectors. Mobilicity was named one of Canada’s Top 25 Up and Coming Information & Communication Technology start-ups in 2010 by the Branham Group Inc. Further information about Mobilicity can be found at www.mobilicity.ca.

SOURCE: Mobilicity

For further information:
Sheryl Steinberg, Mobilicity, media@mobilicity.ca, 647-707-7377

Joel Shaffer, Longview Communications Inc., 416-649-8006

Photo courtesy of Shutterstock.