VCom Inc. Announces Exercise of Over-Allotment Option
Release Date: November 29, 2005
VICTORIA, BRITISH COLUMBIA–(CCNMatthews – Nov. 25, 2005) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VCom Inc. (TSX:VCM) announced today that the underwriters of its initial public offering have exercised their over-allotment option to purchase an additional 500,250 common shares (of which 225,250 were issued by VCom and 275,000 were sold by its principal shareholders) at a purchase price of $7.50 per share, for gross proceeds to VCom of approximately $1.7 million and gross proceeds to the selling shareholders of approximately $2.1 million.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Financial Officer