CiG Wireless Corp. (OTCBB: CIGW), a leading independent owner and operator of wireless communications infrastructure in the United States, today announced that it has acquired certain communications towers and related assets and rights from Towers of Texas, Ltd., a privately held company.
CiG has paid an aggregate purchase price of $3,550,000 in cash for all of the tower sites acquired.
“We are pleased to announce the company’s first acquisition, a significant milestone that follows the recent completion of our new credit facility,” said Paul McGinn, CiG’s President and CEO. “This acquisition includes existing towers, representing assets that bring both existing cash flow and significant growth potential to CiG. As we execute to plan, we will look to supplement our ongoing organic growth with a strong focus on acquisitions through the remainder of the calendar year.”
The acquisition closed on September 7, 2012, in conjunction with the Company’s newly signed credit facility with Macquarie Bank Limited.