Urban Communications Inc. (TSX-V:UBN) has sold a portion of its network assets to Rogers Communications Partnership.
The sale, first announced on March 10, was engineered to preserve value for shareholders of Urban Communications and save the company from impending involuntary liquidation.
A press release states the company also hopes the sale will provide the foundation for future growth and profitability.
Funds raised by the transaction will be used to eliminate secured deb and for working capital.
The company's strategy for the balance of 2011 is to immediately upgrade its electronic capability and initiate an aggressive program to acquire commercial and residential subscribers.
Shares in the company are currently trading at $0.07.
Jennifer Harrison