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DAVE Wireless Secures $75-Million in Additional Financing

2:38 pm on December 22, 2009 | Category: Business, Corporate, Telecom Services, Wireless

Aspiring cell phone carrier, DAVE Wireless Inc., announced late last week that it had obtained an additional $75 million in private financing ahead of its upcoming launch.

The latest injection of capital was led by Montreal-based National Bank Financial Inc. and Toronto-based GMP Securities L.P.

DAVE (which stands for Data and Audio-Visual Enterprises) purchased $243 million worth of Canadian wireless spectrum in last year’s airwaves auction and plans to begin offering cell phone services in Toronto, Ottawa, Edmonton, Calgary, and Vancouver in the early part of 2010.

The company is being secretive about the details of its service, but analysts expect that it will try to differentiate itself from Globalive, another new carrier which launched services in Toronto and Calgary last week.

“We don’t want to let the cat out of the bag with what we’ll be offering,” commented DAVE Chief Executive, Dave Dobbin. “With Globalive, we didnâ€™t know their plans until the day they launched. You can expect the same from us.”

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