TORONTO, ONTARIO -- (Marketwired) -- 08/12/15 -- TeraGo Inc. ("TeraGo" or the "Company") (TSX: TGO) (www.terago.ca), today announced that Stewart Lyons, President and CEO, and Joe Prodan, Chief Financial Officer, of TeraGo, each acquired 5,000 shares of the Company's common stock in open-market purchases.
The shares purchased by Mr. Lyons were purchased at an average price of $5.00 per share for an aggregate transaction value of approximately $25,000. The shares purchased by Mr. Prodan were purchased at an average price of $4.98 for an aggregate transaction value of approximately $24,900. The acquisitions have each been disclosed in applicable insider filings made through the System for Electronic Disclosure by Insiders (SEDI).
Mr. Lyons, commented, "We have consistently achieved our objectives as we have set them out to the public, and our growing revenue and EBITDA obviously illustrates our success. Therefore I believe this is an opportune time to acquire shares as the Company is significantly undervalued while the market has not yet fully absorbed our achievements."
About TeraGo
TeraGo, through its wholly owned subsidiaries TeraGo Networks Inc. and Rackforce Networks Inc., provides businesses across Canada and globally with network and voice services, data centre services and enterprise infrastructure cloud services. TeraGo owns and manages its IP network servicing over 4,200 business customers in 46 major markets across Canada including Toronto, Montreal, Calgary, Edmonton, Vancouver and Winnipeg, as well as operating seven data centres in the Greater Toronto Area, the Greater Vancouver Area, Kelowna and Winnipeg. TeraGo Networks is a Competitive Local Exchange Carrier (CLEC) and was selected as one of Canada's Top Small and Medium Employers for 2015 and is recognized as a Canadian Telecommunications Employer of Choice for 2015.
For more information about TeraGo, please visit www.terago.ca.
Forward-Looking Statements
This press release includes certain forward-looking statements that are made as of the date hereof. Such forward-looking statements may include, but are not limited to, statements relating to TeraGo's growth strategy, the transition of TeraGo to an IT services provider. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities laws. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. The forward-looking statements reflect the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risk that TeraGo's growth strategy and rate of growth will not generate the result intended by management, cross-selling of TeraGo's cloud services may not succeed, retention efforts decreasing profit margins, opportunities for expansion and acquisition not being available or at unfavourable terms, the Company not being able to realize the anticipated benefits and synergies from combining and integrating Rackforce Networks Inc. into TeraGo's existing business and those risks set forth in the "Risk Factors" section in the annual MD&A of the Company for the year ended December 31, 2014 available on www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed with the forward-looking statements. Except as may be required by applicable Canadian securities laws, TeraGo does not intend, and disclaims any obligation, to update or revise any forward-looking statements whether in words, oral or written as a result of new information, future events or otherwise.
Contacts:
TeraGo Investor Relations
1-877-982-3688
ir@terago.ca
www.terago.ca
