MetroBridge Closes Sale of Vancouver Assets
METROBRIDGE NETWORKS INTERNATIONAL INC.
45 West 7th Avenue Vancouver, British Columbia V5Y 1L4 Tel. No. (604) 628-1240 ♦ Fax No. (604) 628-2650
MetroBridge Closes Sale of Vancouver Assets
Vancouver, British Columbia – May 31, 2011 – MetroBridge Networks International Inc. (the “Company”) is pleased to announce, further to its news release of April 27, 2011, that it has completed the sale of substantially all of its assets, including all of the Company’s customers, related network infrastructure, real estate leases, and other assets to TeraGo Networks Inc. (“TeraGo”), which is the wholly owned subsidiary of TeraGo Inc. (TSX:TGO - www.terago.ca). The Company’s shareholders approved this transaction at its annual and special meeting on May 26, 2011. The TSX Venture Exchange also approved the transaction on May 30, 2011. Metrobridge will continue to work with Terago to transition the Company’s business for a period of four months.
Dorian Banks, President of the Company states “we are proud to have been a pioneer in wireless broadband and are happy to transfer our network and customers to a national provider like Terago. We are confident that Terago will continue to service our customers in the manner in which they are accustomed. Upon completion of the transitional period for the sale of assets, the Company intends to use the cash proceeds from the sale of assets in order to identify a suitable business venture that will maximize shareholder value. We will keep our shareholders apprised of any new developments in this regard.”
For further information please contact:
Martin Bajic, Chief Financial Officer Tel: (604) 628-1240 Fax: (604) 628-2650
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.