Hipso Multimedia Inc (OTC:HPSO) today announced that it has executed a purchase agreement to acquire a private telecommunications company named Groupe Pagex Inc., which owns and operates an existing telecommunications network in Quebec City, and surrounding Lac St-Jean and Beauce areas. Hipso Multimedia last traded on January 20, 2011 at a price of $0.13 per share and averages just over 50,000 shares traded per day.Groupe Pagex specializes in the implementation and management of IP and Wi-Fi networks in the commercial and residential market. They have generated $1.7 million dollars in sales for the last year.
Rene Arbic, CEO of Hipso Multimedia Inc. stated: "The closing of this synergistic acquisition expands our ever-growing network footprint and recurring revenue base. We expect the integration of the two companies will provide exceptional synergy for our growing team and customer base. We are extremely confident that this transaction will greatly improve shareholder value in the future."
Hipso is purchasing Groupe Pagex Inc for approximately $1.5 million dollars. The transaction is subject to completion of a due diligence and financing, as well as customary closing conditions and adjustments. The effective date for the purchase is Jan. 18, 2011, with closing anticipated to be April 15th, 2011.
Hipso Multimedia, through its wholly owned subsidiary Valtech Communications Inc., provides technology and service in the triple play telecommunications industry. It intends to become a major force in the IPTV (Internet Protocol Television Broadcasting) arena in retail and wholesale markets.
For more information visit: www.HIPSO.tv
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