Breaking News: Maxess Sold To Cogeco

As I BLOGGED previously, and the official word is now out, Maxess has been sold to Cogeco. BLOG: Thursday, January 17, 2008 "Immediate WUC Judicial Inquiry Required"

• "I wrote a BLOG the other day asking where all the capital funds went that were supposed to be invested in watermains. There is something else that I was told by one of my readers. Is it true or not, I do not know and it might be something for the traditional media to investigate. All I was told by Sylvia DeVries was
  
  "Thank you for your email enquiry regarding MaXess Networx. Please be advised that EnWin does not comment on matters that are speculative or rumour driven in nature."

Here is the news tip:

• The Maxess fibre optics business has been sold for an amount between $15-$20M or is in the process of being sold. The buyer is a major communications company.
  
  If you did not know, Maxess is a division of Enwin."

Interestingly, it was only yesterday when I asked:

• "Just another question, Vic, is Maxess still part of Enwin or has all or part of it been sold? Just wondering since you made a comment
  
  "that "non-core" assets or other business activities that did not meet this new strategic plan were re-engineered or sold off."

Here is the News Release. I was told that the sale price was in the range of $15-20M but I do NOT know the official amount. Maybe the traditional media could ask Eddie now!

• Cogeco Cable Inc.
  
  Mar 11, 2008 08:52 ET
  
  Cogeco Cable Acquires MaXess in South-Western, Ontario
  
  MONTREAL, QUEBEC--(Marketwire - March 11, 2008) - Cogeco Cable (TSX:CCA) the second largest cable operator in both Ontario, Quebec and Portugal based on the number of basic cable service customers served, announced today the acquisition of all the assets of MaXess Networx®, EnWin ENWIN Energy Ltd.'s telecommunications division (City of Windsor's energy company).
  
  Maxess Networx® operates a broadband network equipped with next generation ATM and Ethernet technology. This enables MaXess Networx® to provide organizations in South-western Ontario with the broadband capacity required for data networking, high-speed Internet access, e-business applications, video conferencing and other advanced communications. Cogeco Cable, which also offers broadband services to organizations in South-western Ontario, will use this network to expand its service offering in the area. Maxess Networx® customers will also benefit from Cogeco Cable's suite of business products and gain access to Cogeco Cable's extensive fibre network spanning Ontario and Quebec.
  
  "We're very happy to announce this acquisition, especially because it strengthens Cogeco Business Solutions Data services", said Louis Audet, President and CEO of Cogeco Cable. "We have always been on the lookout for both internal and external growth opportunities, in Canada and elsewhere. MaXess met our stringent criteria and we are confident it will prove a great added value for Cogeco Cable's customers, shareholders and employees."
  
  "The City of Windsor and Enwin Energy Ltd are pleased that an experienced and successful cable operator with a good track record in the Windsor region is taking charge of MaXess' customers. We are confident that businesses and public-sector organizations will be able to grow with a partner like Cogeco Cable" said EnWin Energy Ltd. Board Chair and Windsor Mayor Eddie Francis.
  
  This acquisition is consistent with Cogeco Cable's pursuit of external growth opportunities in the past and enables the Corporation to continue to take part in the development of the cable telecommunications sector in Canada.
  
  "This is a great opportunity for Cogeco Cable, as it enables us to grow internally, through service offering expansion, and externally, through acquisition. Profitable growth has always been our main goal, and we remain open to opportunities that meet our criteria in Canada and elsewhere," concluded Mr. Audet.
  
  ABOUT COGECO CABLE
  
  Cogeco Cable (www.cogeco.ca), a telecommunications company offering a diverse range of services to its customers in Canada and in Portugal, is the second largest cable operator in Ontario, Quebec and Portugal, in terms of the number of Basic Cable service customers served. Through its two-way broadband cable networks, Cogeco Cable provides its residential and commercial customers with Analogue and Digital Television, High Speed Internet, Telephony and Data services. The Corporation provides approximately 2,569,000 revenue-generating units (RGUs) to 2,365,000 homes passed in its Canadian and Portuguese service territories. Cogeco Cable's subordinate voting shares are listed on the Toronto Stock Exchange (TSX:CCA).
  
  ABOUT ENWIN UTILITIES LTD.
  
  EnWin Utilities Ltd. is Windsor's Local Distribution Company, responsible for the distribution of electricity and the servicing and maintenance of Windsor's power line infrastructure. As well, EnWin Utilities Ltd. is a management services company providing fleet, billing, collections, credit, financial, human resources, customer service; and information technology services to Windsor Utilities Commission and City of Windsor.