Crown Capital Subsidiary Galaxy Broadband Announces New OneWeb Capacity for Canada
CALGARY, AB, Feb. 3, 2023 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that its operating subsidiary Galaxy Broadband Communications, Inc. ("Galaxy"), entered into a multi-year deal to deliver OneWeb's low Earth orbit (LEO) connectivity solutions across Canada, including the northern territory of Nunavut. The full press release on the announcement from OneWeb and Galaxy can be found here.
Galaxy is an Ontario-based, satellite-focused network services company, providing connectivity to remote and underserviced enterprise customers across Canada. As one of OneWeb's fastest growing distribution partners to date, Galaxy has already deployed to over 75 locations throughout Canada, meeting a range of customer needs and connecting anywhere from 30 to 800 users at each site.
Rick Hodgkinson, CEO and Founder of Galaxy Broadband Communications Inc., commented: "Galaxy is delighted to expand its business with OneWeb and secure the bandwidth vital to improve connectivity throughout Nunavut. Access to broadband internet is an essential service that supports education, healthcare, commerce and general well-being. There are numerous communities throughout Canada that do not have access to broadband internet, with the challenge in Nunavut being particularly acute as the Territory is 100% dependent on satellite connectivity services. OneWeb's low earth orbit satellites will markedly improve connectivity in the Territory and is an important milestone for Nunavummiut. Galaxy's roll-out of OneWeb services is underway with a target to have all 25 communities in Nunavut connected by the end of 2023."
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the anticipated roll-out of OneWeb services. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
About Crown Capital Partners (TSX: CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.
SOURCE Crown Capital Partners Inc.
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