Vecima Networks Inc.
TSX : VCM

Vecima Networks Inc.

November 04, 2005 16:03 ET

VCom Inc. Files Final Prospectus for $25 Million Initial Public Offering

VICTORIA, BRITISH COLUMBIA--(CCNMatthews - Nov. 4, 2005) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VCom Inc. ("VCom") announces that it has filed a final prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with the initial public offering of its common shares. The Company will issue 3,335,000 common shares at $7.50 per share for gross proceeds of $25,012,500. The Company and the principal shareholders have granted the underwriters an over-allotment option to purchase up to an additional 500,250 common shares (of which up to 225,250 will be issued by the Company from treasury and up to 275,000 will be sold by the principal shareholders) at the same price within 30 days after closing.

Closing, which is subject to customary closing conditions, is currently scheduled for November 14, 2005. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Company's common shares under the symbol "VCM", subject to the Company satisfying the TSX's customary listing requirements.

The underwriting syndicate for the offering is led by CIBC World Markets Inc. and National Bank Financial Inc., and includes TD Securities Inc., Orion Securities Inc. and Raymond James Ltd.

A copy of the final prospectus is available on SEDAR (www.sedar.com).

VCom designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. VCom's hardware products incorporate embedded software developed by it to meet the complex requirements of next-generation, high-speed digital networks. Service providers use VCom's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. VCom's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end-users, commonly referred to as "the last mile", by overcoming the bottleneck resulting from insufficient carrying capacity in legacy last-mile infrastructures. VCom's products are directed at three principal markets: Data over Cable, Broadband Wireless and Digital Video. The Company has also developed and continues to focus on developing products to address emerging markets such as voice over Internet Protocol, fibre to the home and IP video. VCom currently employs approximately 500 people in Western Canada.

This press release is not an offer of securities for sale in the United States. The Company's shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.


Contact Information

  • VCom Inc.
    Mike Barry
    Chief Financial Officer
    (250) 881-1982