Welcome!

News Feed Item

Tel -Aviv listed Athlone (ATLN) joins the African digital revolution by acquiring Vaninga which has the exclusive license to build a Data Centre in Moçambique which will launch the initiative for the Continent

TORONTO AND TEL AVIV, March 13, 2014 /PRNewswire/ - Athlone has entered into a memorandum of agreement that involves the acquisition of a majority stake in a Moçambique registered telecommunications provider with the strategy to focus on establishing a network of data centres in strategic locations around Africa where it will apply its cutting edge data solutions, cloud and virtualization capacity. This provider called Vaninga has secured a national telecommunications licence which grants it the right to provide voice and data services, international gateway transit services, broadband services and the building of data centres. The licence includes spectrum for the provision of satellite links as well as the provision of terrestrial wireless services.

The African continent's newly laid undersea cable infrastructure has increased the data bandwidth by 400 fold and the opportunity for Athlone is to create and build regional data centres around Africa where the undersea cables land at the coast.

The team has chosen Moçambique because of the compelling opportunity in the large infrastructure projects being built, the continent's largest natural gas discovery and the list of international companies like Anadarko, ENI, RTZ, Halliburton and Statoil that are moving in. Moçambique is also proving to be progressive in its economic and regulatory outlook and is embracing new technologies and operators.

Africans have demonstrated their endless hunger for new technology via the mobile smartphone and the creation of innovative apps, like mobile money solutions which have been exploding at an exponential rate. The first data centre will be commissioned with the benefit of numerous contracts with health, central banking, education, defence and police departments and government ministries. The hosting will provide cloud services, voice and data Networks, wireless and sensitive data storage.

The well known and highly successful African team of Ross Macdonald and Gordon Edwards have formulated this well thought through strategy and will guide and manage Athlone in building out this massive endeavour.

Ross Macdonald was one of the founders of the MTN Group, a South Africa-based multibillion dollar mobile telecommunications conglomerate, and was responsible for building many of the initial operations for the MTN Group in Africa.

Gordon Edwards, who was one of the founders of DataTech, which is a global multibillion dollar IT company, has extensive experience in rolling out digital infrastructure in Africa for both banks as well as mobile networks.

The Chairman of Athlone, Stan Bharti said "we are very excited about joining forces with Edwards and Macdonald who have a demonstrable track record as we seek to strategically shift the company's focus into the ICT sector. We believe this brings an exciting new opportunity for investors on the Tel Aviv exchange."

Bharti continued, "Tel Aviv has rightfully gained a reputation as a global hub for new technologies and their commercialization.  It is rich with new ideas, innovations and solutions especially for companies like Vaninga that seek to bring the benefits of technology to the rapidly emerging market of Africa. In Israel, investors and technologists alike have shown time and again their appreciation and understanding of working in unconventional, developing environments, which will be of great benefit to this new venture."

Details of the Proposed Transaction

The memorandum of agreement provides that Athlone will issue 30,000,000 ordinary shares to certain shareholders of Vaninga in consideration for the purchase of 75% of the outstanding shares of Vaninga. In addition, Athlone will provide a working capital loan to Vaninga in the principal amount of US$2,000,000.

The issuance of Athlone shares to Vaninga shareholders is subject to negotiation and execution of a definitive share exchange agreement, and receipt of all necessary regulatory and shareholder approvals. The memorandum of agreement also provides for standard deal protections and exclusivity.

Toronto / Tel Aviv
13 March 201

To view a copy of the news release in Hebrew, please view PDF

This forward-looking information is based, among other things, expectations and assumptions of the Company regarding the current status, areas of operations and business environment as they are at the date of this document, the analysis of general information available to the Company at the date of this document and future developments and there is no certainty as to the willingness, integrity and / or realization. Realization of forward-looking information stated may be affected by factors that cannot be assessed in advance and are not controlled by the Company, including changes in market conditions and the environment, regulatory changes, changes in economic conditions and / or the realization of any of the risk factors of the Company as detailed in the Company which is posted Magna.

SOURCE Athlone Investments

PDF available at: http://stream1.newswire.ca/media/2014/03/13/20140313_C4982_DOC_EN_37897.pdf

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
In his session at 20th Cloud Expo, Brad Winett, Senior Technologist for DDN Storage, will present several current, end-user environments that are using object storage at scale for cloud deployments including private cloud and cloud providers. Details on the top considerations of features and functions for selecting object storage will be included. Brad will also touch on recent developments in tiering technologies that deliver single solution and an end-user view of data across files and objects...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assis...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.