MONTREAL, Jan. 24, 2011 (GLOBE NEWSWIRE) -- Hipso Multimedia Inc (OTCBB: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.
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, and anticipate strong continuing recurring revenues.
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.
About Hipso Multimedia Inc.
Hipso Multimedia, Inc., through its wholly owned subsidiary Valtech Communications Inc., provides cutting edge 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.
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This release contains statements that are forward-looking in nature. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions are forward-looking statements. These statements are made based upon information available to the Company as of the date of this release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to, dependence on suppliers; short product life cycles and reductions in unit selling prices; delays in development or shipment of new products; lack of market acceptance of our new products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; our ability to attract and retain qualified employees; inability to expand our operations to support increased growth; and declining economic conditions, including a recession. These and other factors and risks associated with our business are discussed from time to time within Hipso's filings with the Securities and Exchange Commission.
CONTACT: Public Relations: Constellation Asset Management (415)524-8500