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SkyPort Signs Letter of Intent to Purchase RAMTelecom, a Major Canadian Teleport Firm
February 28, 2007 – HOUSTON, TEXAS –A newly-formed subsidiary of SkyPort International has signed a letter of intent to purchase RAMTelecom Inc. of Canada, a transaction that will significantly increase SkyPort’s capability to serve customers throughout North America with a range of satellite communications services.
The purchase of RAMTelecom will also provide SkyPort with further redundancy in its network system, adding facilities in Ottawa and Calgary to SkyPort’s existing network operations center at the Ellington Field Joint Reserve Base in Houston.“The acquisition of RAMTelecom will provide a more comprehensive offering for SkyPort and a broad reach into Canada as we build out our world-wide coverage,” said Bill Hutchinson, Co-CEO of SkyPort. “There is a distinct benefit for SkyPort clients who have global and North American requirements.”
SkyPort has formed a Canadian subsidiary, SkyPort Global Communications (Canada) Inc., (“SkyPort Global”) to facilitate the purchase of RAMTelecom. Under terms of the agreement, SkyPort Global will purchase the outstanding shares of RAMTelecom for $0.60 per common share, payable in cash. SkyPort will pay holders of outstanding options to purchase RAMTelecom shares $0.10 per optioned share, and outstanding warrants will be purchased by SkyPort at $0.04 per warrant.
RAMTelecom trades on the Venture Exchange of the Toronto Stock Exchange. SkyPort is privately held.
The agreement is subject to customary due diligence, regulatory and shareholder approval; obtaining satisfactory financing terms; no material adverse changes in RAMTelecom’s business; and RAMTelecom’s executives entering into lock-up agreements.
The letter of intent provides that following satisfactory completion of SkyPort Global’s due diligence, RAMTelecom expects to mail disclosure documents to shareholders in mid-May 2007. If required, a shareholders’ meeting will be held in late June 2007, with the closing to occur by June 30, 2007.
SkyPort and RAMTelecom entered into a strategic alliance in January to offer one another’s customers fully redundant communications services as well as greater access to secure business communications, anywhere in North America. The firms agreed to install the brand of proprietary hub facilities used by the other at their respective teleport facilities and create a fiber optic cable link between the teleports. Work on this project will continue, providing medium and large enterprise customers in Canada and the United States the ability to extend their satellite-based voice, video, and data broadband communications wherever their business requires.
About RAMTelecom
RAMTelecom is a satellite service provider delivering flexible, scalable solutions for broadband data and voice business communications. RAMTelecom’s fixed and mobile satellite-based communication services and value-add solutions are designed for medium and large enterprises in oil and gas, mining, and forestry and government agencies. With complete coverage of the North American market, RAMTelecom’s satellite broadband services help organizations achieve greater operational efficiency by providing continuous real-time communications between central offices and remote locations anywhere in North America. www.ramtelecom.ca.
SkyPort Global Communications, Inc.
1.800.822.2961
pr@skyportglobal.com