Mitec Telecom Inc. (“Mitec”) (TSX: MTM), and Optiway Inc. (“Optiway”) announced they have signed a letter of intent for a combination between the two companies. The proposed combination will be subject to a number of conditions to be set out in a definitive agreement as well as shareholder approvals and regulatory approvals from relevant authorities in Canada and Israel.
Optiway, founded in 2004, offers the most advanced optical fiber solutions that enable wireless communication to take place within In-Building Wireless (“IBW”) environments such as office towers, universities, hospitals, business campuses, parking garages, stadiums and tunnels. Such indoor locations pose unique challenges due to multiple interference factors that affect indoor coverage and reception quality including steel and concrete that weaken cellular signals and impede indoor signal strength. Optiway’s elegant and cost-effective solutions deliver the high capacity required to support large cellular subscriber volumes, while eliminating interference, crosstalk and cable radiation.
Based in Israel, long-considered one of the world’s most respected hotspots for next generation technology, Optiway has achieved significant domestic market share demonstrating the efficacy of its technology. In 2011, Optiway began significant deployments in South America and Eastern Europe with initial sales to leading telecom operators in Chile, Colombia, Mexico, Russia, the Ukraine and India. Its strategy for 2012 is to introduce its technology to the North American and other strategic markets, in addition to working with its existing client base and continue to enhance its product portfolio.
Please visit CNW for full press release and further details on Mitec Telecom and Optiway.