|By PR Newswire||
|March 26, 2014 08:01 AM EDT||
BURNABY, BC, March 26, 2014 /CNW/ - GLENTEL Inc. (TSX: GLN) today reported its results for the three months and year ended December 31, 2013. Financial highlights (tabular amounts in thousands of Canadian dollars, except per share data) follow.
Three months ended
Income before amortization, change in fair value of financial
impairment of intangible assets and goodwill, (loss) gain on disposition of
property and equipment, finance income and expense, and taxes ("EBITDA")1
EBITDA before startup costs, provisions for onerous leases and lawsuit,
restructuring charges, and transaction costs ("Adjusted EBITDA")1
|Operating income ("EBIT") 1||$8,397||$12,682||$28,154||$37,537|
|Impairment of intangible assets and goodwill||-||-||$23,057||-|
|Basic net income per common share||$0.37||$0.48||$0.21||$1.23|
|Diluted net income per common share||$0.37||$0.48||$0.21||$1.22|
|Adjusted net income1||$9,327||$11,509||$25,044||$30,270|
|Adjusted basic net income per common share1||$0.42||$0.52||$1.13||$1.36|
|Adjusted diluted net income per common share1||$0.42||$0.52||$1.12||$1.35|
|1 EBITDA, Adjusted EBITDA, EBIT, Adjusted net income, and Adjusted basic and diluted net income per common share are non-GAAP measures and are not defined under IFRS and, as a result, may not be comparable to similarly titled measures presented by other publicly traded entities, nor should they be construed as an alternative to other earnings measures determined in accordance with IFRS. Adjusted net income, and Adjusted basic and diluted net income per common share normalize net income/(loss) for startup costs, provisions for onerous leases and lawsuit, restructuring charges, transaction costs, gain on repurchase of non-controlling interests, gain on sale of tower site assets, and impairment of intangible assets and goodwill. Refer to 2013 Management's Discussion and Analysis for reconciliation of non-GAAP measures.|
|2 In the 4th quarter of 2012, the Company acquired AMT and Automotive Technologies Inc. dba Wireless Zone®.|
|3 The Company adopted amendments to IAS 19 effective January 1, 2013. On adoption of this standard, which has been applied retrospectively, the Company now recognizes changes in defined benefit obligations and plan assets when they occur rather than utilizing the corridor approach.|
"We are pleased to announce that GLENTEL, in 2013, generated in excess of one billion dollars in global revenue," stated Thomas Skidmore, GLENTEL's President and Chief Executive Officer. "GLENTEL's growth over the past 50 years from being a small two-way radio dealer, to launching its first WIRELESSWAVE location 16 years ago in Burnaby, BC, Canada, to now operating and managing in excess of 1,420 locations across four countries and three continents is extraordinary. We want to thank our partners, staff and management, and GLENTEL's dedicated customers for contributing to this grand accomplishment.
"This year has proven to be challenging, but has presented the Company with tremendous growth opportunities. We have viewed this year as one of investing in our future, and believe that the events of 2013 will only make for a stronger and more flexible GLENTEL. In 2013, our Retail Canada Division opened 124 Target Mobile kiosks in Target Canada locations, the largest one-year Canadian store expansion in our history. We believe that our relationship with Target Canada will prove beneficial to all partners in the long term as Target Canada further develops its dedicated customer base in Canada. In the United States, our Diamond Wireless business assumed, from Verizon Wireless, 154 BJ's Wholesale Club Inc. kiosk locations ("BJ's") located in 12 U.S. states on the U.S. eastern seaboard. The assumption of these 154 BJ's locations almost doubles Diamond Wireless' U.S. coverage, and was transitioned under Diamond Wireless' management team in August 2013. In the Philippines, our AMT management team, working with our partners Tao Corporation and Globe Telecom, opened 40 Allphones locations in Manila. We see this endeavour as our first entry point into Asia Pacific, and are pleased that we were able to so effectively execute our expansion into this region enabled by well-established local partners. We see AMT in Australia as our dedicated beachhead and foundation for growth into Asia Pacific nations that just now are developing their wireless framework.
"We are very optimistic about our global initiatives, and are pleased that our core Canadian business remains strong and is well positioned for the long term. Retail Canada sales and profitability have been resilient, irrespective of the recent disruption in the Canadian market due to the change in wireless contractual terms from three years to two years. Our dedicated customer base continues to return for hardware upgrades and new activations, and we continue to enjoy positive relationships with all of our carrier partners. 'Quality, Service, and Integrity', GLENTEL's core values, have provided us the framework to grow our business to this level. We look forward to 2014 and beyond as we continue to grow our business."
3 months ended December 31, 2013 compared to respective period in 2012
Sales for the 4th quarter ended December 31, 2013 increased 27% to
$401.4 million compared to $316.9 million in 2012. Sales for the 4th
quarter of 2013 include sales from Wireless Zone and AMT/Allphones,
both of which were acquired part way through the 4th quarter of 2012.
EBITDA decreased 10% to $16.0 million for the 4th quarter compared to
$17.8 million in 2012. EBIT decreased 34% to $8.4 million for the 4th
quarter compared to $12.7 million in 2012.
In the 4th quarters of 2013 and 2012, GLENTEL recorded $1.6 million
($1.1 million net of tax) and $0.08 million ($0.06 million net of tax),
respectively, in costs related to restructuring the AMT Allphones
retail channel in Australia, costs incurred for the assumption of BJ's
Wireless kiosks, and Target Mobile startup costs. Costs negatively
affected basic earnings per common share by $0.05 and $0.04 in the 4th
quarter of 2013 and 2012, respectively.
Net income and basic income per common share were $8.3 million and
$0.37, respectively, compared to $10.7 million and $0.48, respectively.
Consolidated adjusted net income and adjusted basic earnings per share
for the 4th quarter ended December 31, 2013 were $9.3 million and
$0.42, compared to $11.5 million and $0.52 in 2012.
Year ended December 31, 2013 compared to respective period in 2012
Sales for the year ended December 31, 2013 increased 74% to $1,366.5
million compared to $784.8 million in 2012. Sales for the year ended
December 31, 2013 include sales from Wireless Zone and AMT/Allphones,
both of which were acquired in the 4th quarter of 2012. EBITDA
increased 8% to $54.6 million compared to $50.5 million in 2012, and
EBIT decreased 25% to $28.2 million compared to $37.5 million in 2012.
In the year ended December 31, 2013, the Company incurred costs of $27.4
million ($20.4 million net of tax) compared to $2.9 million ($2.1
million net of tax) in 2012. Costs incurred in 2013 relate primarily to
the Company's $23.1 million ($17.6 million net of tax) impairment of
its investment in AMT offset by gains attributable to the sale of tower
site assets in the Company's Business Division. Costs negatively
impacted basic earnings per common share by $0.92 and $0.13, in the
years ended December 31, 2013 and 2012, respectively.
Net income and basic income per common share were $4.6 million and
$0.21, compared to $27.4 million and $1.23, respectively.
Consolidated adjusted net income and adjusted basic earnings per share
were $25.0 million and $1.13, compared to $30.3 million and $1.36,
Retail Canada Division
Three months ended
Sales in the 4th quarter of 2013 were 6% higher than the same period in
2012 due to the launch of 124 Target Mobile locations across Canada in
2013, as well as Canadian consumers newly embracing the Black Friday
weekend, which has traditionally been the busiest shopping day in the
U.S. As a result of our Canadian carrier partners introducing new
Black Friday deals, the Retail Canada Division experienced strong sales
across all of its banners during this period. Record-breaking low
temperatures across central Canada during the Christmas shopping season
significantly reduced mall foot traffic, which negatively affected
sales during the quarter as consumers in the region battled electrical
outages, poor road conditions, and severe weather. Management believes
that 4th quarter results were trending higher before the impact of the
highly inclement weather in central Canada during the 2013 holiday
The Retail Canada Division saw same-store activations decrease in the
4th quarter of 2013 by 15% for stores that were open for both 2013 and
2012. Same-store activations declined by 9% for the year ended December
31, 2013 for stores that were open for both 2013 and 2012, primarily
due to the new amendments to the Wireless Code of Conduct ("WCOC"),
discussed below, and increased competition from new market entrants.
However, we expect future years' results, especially 2015, to be more
On June 3, 2013, the Canadian federal government released amendments to
the WCOC, which is a mandatory code for all providers of retail mobile
wireless voice and data services. As part of the code, the Canadian
Radio-television Telecommunications Commission instituted a new
regulation that enables any wireless customer to cancel a wireless
service contract after two years, at no cost to the customer,
effectively requiring the industry to shift from three-year contracts
to two-year contracts. The WCOC was mandated to take effect December 2,
2013. In response to the new WCOC, our carrier partners proactively
implemented a new two-year pricing mandate on August 9, 2013. As part
of this shift from three-year term plans to two-year term plans, our
carrier partners introduced higher-priced per month two-year contracts
along with higher priced hardware. Sales in the 3rd and 4th quarter of
2013 indicate that consumers have been slow to embrace the change in
term and pricing, but we anticipate that by July 2014 the market will
normalize, resulting in improved sales. We anticipate that those
consumers who signed up for three-year contracts in 2012 and those that
entered into two-year contracts in 2013, as a result of the new WCOC,
will renew for hardware upgrades in 2015.
Customers' purchasing habits continued to evolve in 2013, with the
activation mix in this quarter seeing more upgrade activations than in
the past. Our carrier partners continue to focus on building deeper
relationships with their quality customers, and in an effort to manage
churn have focused on customer retention along with new activations. We
expect this trend to continue in the future as the Canadian wireless
customer base approaches a steady-state penetration rate.
The Retail Canada Division continued its commitment to develop its
people to provide the best wireless experience in Canada, by revising
and updating training materials and procedures to align with the
carriers' focus on quality activations and churn management.
The Retail Canada Division successfully completed the fifth and final
phase of the Target Mobile rollout in the 4th quarter of 2013, opening
an additional 42 stores in the quarter. The Division operated 124
Target Mobile locations across Canada at December 31, 2013. As the
Target Mobile business is directly tied to foot traffic generated by
Target Canada, this initiative has experienced slow sales as Target
Canada continues to build its reputation and brand in Canada. Given
the cost structure for the Target Mobile business is relatively fixed,
as Target Canada continues to build its customer base and generate foot
traffic into its stores Target Mobile results should improve. GLENTEL
and Target Canada are committed to the Canadian marketplace and Target
Canada has announced that it intends to launch an additional 9 new
stores in Canada in 2014, all of which will include Target Mobile
At December 31, 2013, the Retail Canada Division operated a total of 479
retail stores in major shopping malls and high-pedestrian-traffic
locations, MacStation stores, Target retail stores, and Costco
Warehouses in Canada, compared to 336 stores in 2012.
Retail U.S. Division - Diamond Wireless
Three months ended
Sales increased in the 4th quarter and for the year ended December 31,
2013 as a result of Diamond Wireless operating 154 retail stores in
BJ's across 13 U.S. states since August 1, 2013. These BJ's locations
were historically managed by Verizon Wireless directly, but due to a
shift in mandate, the BJ's locations were assumed by Diamond Wireless
in the 3rd quarter of 2013. Although Diamond Wireless assumed an
active operation in BJ's from Verizon Wireless, it still incurred costs
of $1.9 million ($1.3 million net of tax) in 2013 related to the hiring
of new staff, educating the staff on Diamond Wireless best practices,
and the temporary and permanent transfers of key sales managers to BJ's
The increase in Diamond Wireless' profitability was a result of several
factors that are expected to continue into the future. These factors
include, but are not limited to, benefits associated with Diamond
Wireless' inventory purchasing practices, a renewed focus on selling
higher-margin smartphones and tablets, and a larger national U.S.
footprint that now includes the 154 kiosks within BJ's. Sales were,
however, tempered as Verizon Wireless, in the 3rd quarter of 2013,
elected to extend the renewal period of customer contracts from 20 to
24 months, which ultimately reduced sales as customers delayed
upgrading their smartphones.
The Division continued to roll out employee promotions and training
programs during the 4th quarter of 2013, with much of the training
focused on new devices and promotion initiatives. The Division
continues to focus on the "connected device," such as mobile broadband
and tablets that tie into Verizon Wireless' "Share Everything" program,
where it saw increased attachments by customers.
In 2013, Diamond Wireless closed a net of 16 corporate stores, bringing
the total to 197 mall-based corporate stores and 154 BJ's wireless
kiosk locations at December 31, 2013, compared to 213 mall-based
corporate store locations at December 31, 2012. Diamond Wireless
corporate stores operate in 28 U.S. states and Diamond Wireless BJ's
kiosks operate in 13 U.S. states.
Retail U.S. Division - Wireless Zone®
Three months ended
|*The Company acquired Automotive Technologies Inc. dba Wireless Zone® in the 4th quarter of 2012.|
Verizon Wireless' change to "Simplified Compensation Plan" in 2013 and
the launch of its "Share Everything" program in 2012 positively
affected sales throughout 2013. Sales of higher-priced smartphones
contributed to greater wholesale sales. This trend to smartphones also
contributed to higher carrier compensation per transaction. In an
effort to bolster sales during the 4th quarter of 2013, Wireless Zone
maximized Verizon Wireless' special incentives in November and December
to drive tablet sales, which for the first year became a major
contributor to sales. By providing these special incentive offerings
to its franchisees, Wireless Zone experienced growth in its revenue
figures irrespective of Verizon's decision to extend the renewal period
of customer contracts from 20 months to 24 months. Wireless Zone
expects that this eligibility shift in customer upgrades will continue
to depress sales through the first half of 2014.
In order to promote increased store sales, Wireless Zone has continued
its numerous operational efforts in 2013, the top three of which were
for exceeding carrier transactional minimums and Key Performance
Indicators, remodeling stores to enhance customer experience, and
increasing training directed towards franchisees and sales
representatives. Additionally, new revenue streams for stores are being
developed that include, but are not limited to, the introduction of
Cable and Direct TV sales capabilities in all franchise stores and the
nationwide launch of a customer device trade-in program in all Wireless
Zone stores by the end of the 2nd quarter of 2014.
In October 2013, for the third consecutive year, Verizon Wireless
awarded Wireless Zone with the top agent award for customer loyalty
across all Verizon Wireless retailers in the United States. Wireless
Zone was recognized as the best agent in the nation for customer
service and customer loyalty, based on low churn, great Net Promoter
Scores, and low after-purchase customer service calls to Verizon
Wireless Zone reduced its store count by a net of 13 locations in 2013,
operating 374 franchise and 30 corporate stores in Washington D.C. and
across 28 states in the U.S. for a total of 404 stores at December 31,
Retail Australia Division - AMT (Allphones)
Three months ended
|*The Company acquired AMT (Allphones) in the 4th quarter of 2012.|
AMT is the leading independent multicarrier mobile phone and
telecommunications retailer in Australia, operating and managing 177
stores in Australia and the Philippines at December 31, 2013. GLENTEL
acquired AMT with the intent to utilize its experienced management
team, established carrier relationships, market-leading point-of-sale
system, and well-recognized brand as a beachhead to develop its
presence in the Asia Pacific marketplace. In 2013, AMT successfully
launched 40 Allphones locations in the Philippines, with the intent to
operate 175 Allphones locations in that geography by 2015. GLENTEL
views the Asia Pacific market as a significant area for growth, and
believes the assets at AMT are well-suited to be deployed in that
The Australian retail environment continues to remain competitive,
driven particularly by the largest national wireless carrier. Allphones
has remained competitive in both the postpaid and outright handset
market in 2013; however, same-store sales declined as a result of the
Virgin Mobile Australia brand and the Optus brand exiting Allphones
retail stores in June 2013 and September 2013, respectively. The exit
of the Optus and Virgin Mobile Australia brands led GLENTEL to assess
the carrying value of AMT's intangible assets and goodwill for
impairment in the 3rd quarter of 2013, which resulted in a $23.1
million ($17.6 million net of tax) impairment charge for 2013. Prior to
exiting Allphones retail locations, the Optus and Virgin Mobile
Australia brands had represented a significant portion of AMT's
revenues through ongoing airtime residuals. The loss of the Optus and
Virgin Mobile airtime residuals resulted in AMT assessing its cost
structure and viability of certain Allphones locations in particular
geographies that are only supported by the Optus and Virgin Mobile
In 2013, AMT closed a total of 72 Allphones locations in Australia.
Management has been actively pursuing additional cash flows to
supplement the exit of the Optus and Virgin Mobile Australia brands in
Allphones locations. The Vodafone brand has proven to be resilient and
has acquired a major portion of the activations lost by the exit of the
Optus and Virgin Mobile Australia brands in 2013. AMT is now marketing
Vodafone, with its new national 4G/LTE network as the premier carrier
brand offering of Allphones in Australia. AMT expects that its
relationship with Vodafone is primed for growth, as the carrier reduced
its independent dealer footprint in 2013 but continued its offerings
through Allphones. With its 4G/LTE network now fully operational, AMT
believes Vodafone sales will increase substantially as customers
continue to be educated about the Vodafone network and product story,
while benefitting from Allphones exclusive Vodafone wireless plans.
Allphones has continued to attract customers to its retail stores by
leveraging its national presence in Australia consisting of 90
Allphones locations. AMT continues to operate 45 Virgin corporate
retail stores through its Retail Management Services business. Also,
AMT has partnered with two national carriers to sell their respective
Mobile Virtual Network Operator ("MVNO") offerings in Allphones
locations across Australia. These MVNO offerings allow customers to
participate at a lower price point than that currently available from
the larger national carriers, however still providing the dependable
network backbone that customers demand. Further, AMT, in partnership
with Tao Corporation (http://www.taocommunity.com) of the Philippines, opened 40 Allphones mobile phone stores in Manila,
Philippines in 2013, forecasting to operate a total of 100 locations by
the end of 2014, and 175 locations by the end of 2015.
Aside from the impairment charge noted above, for the year ended
December 31, 2013, AMT experienced costs of $3.4 million ($2.4 million
net of tax), consisting of $0.3 million ($0.2 million net of tax) in
one-time startup costs for the launch of Allphones locations in the
Philippines, $0.2 million ($0.1 million net of tax) of startup costs
for the MySaver MVNO brand, and $2.9 million ($2.1 million net of tax)
of costs related to retail location restructuring. Amortization expense
of property, equipment, and intangible assets for the 4th quarter ended
December 31, 2013 was $3.3 million.
At December 31, 2013, AMT, in Australia, operated a total of 137
locations, consisting of 33 Allphones corporate, 29 Allphones
franchised, and 28 Allphones licensed stores, 45 Virgin corporate
retail stores, and 2 smartphone manufacturer locations managed through
AMT's Retail Management Services business. The Division closed 12
underperforming Allphones locations in the 4th quarter of 2013. AMT has
actively managed its store count since the exit of the Optus and Virgin
Mobile Australia brands in Australia-based Allphones locations in 2013.
Management has reduced its retail store exposure by eliminating
underperforming stores, while ensuring that customers' product demands
are still met. Management will continue to assess underperforming
stores, and their respective cost structures, in 2014 as the Australian
mobile phone retail market stabilizes, and will look for strategic
growth opportunities based on carrier offerings. At December 31, 2013,
AMT operated 40 mall-based Allphones locations in the Philippines,
opening 17 locations during the 4th quarter of 2013. At December 31,
2013, AMT operated and managed a total of 177 locations in Australia
and the Philippines.
Three months ended
Sales increased in the 4th quarter and in the year ended December 31,
2013 compared to the same periods in 2012. The Division had a steady
stream of revenues from small- to medium-sized projects as well as a
few large projects, maintaining recurring revenues for airtime and
maintenance agreements while continuing to see significant growth in
recurring rental revenue. Recurring revenue from tower sites continues
to decline as the Division continues to sell tower assets. Gross
margins decreased by 1.7% in the 4th quarter of 2013 and increased by
0.5% in the year ended December 31, 2013 compared to their respective
periods in 2012.
- In the 4th quarter of 2013, the Company, through its Business Division, closed two tranches of its tower site sale, resulting in net proceeds of $1.4 million for the sale of nine tower site assets and related customer agreements. In the year ended December 31, 2013, the Business Division closed six tranches of its tower site sale, resulting in net proceeds of $6.3 million for the sale of 38 tower site assets. These asset sales were pursuant to the August 2012 agreement with the purchaser for the sale of GLENTEL's non-core tower site assets. At December 31, 2013 all of the Company's remaining tower site assets were classified as assets held for sale in its annual consolidated financial statements.
Three months ended
Corporate operating and administrative
Corporate operating and administrative
expenses as a % of sales
For the 4th quarter ended December 31, 2013, corporate operating costs
totaled $15.5 million (2012 - $9.3 million). Corporate operating costs
include Retail U.S. Division - Diamond Wireless corporate costs of $3.7
million (2012 - $1.4 million), Retail U.S. Division - Wireless Zone
corporate costs of $2.8 million (2012 - $0.8 million), and Retail
Australia Division corporate costs of $1.1 million (2012 - $2.7 million
including transaction costs). The quarter ended December 31, 2013
includes corporate costs for Wireless Zone and Retail Australia while
the 4th quarter of 2012 only includes two months of Retail Australia
corporate costs and one month of Retail U.S. Division - Wireless Zone
- For the year ended December 31, 2013 corporate operating costs totaled $45.4 million (2012 - $25.6 million). Corporate operating costs include Retail U.S. Division - Diamond Wireless corporate costs of $9.2 million (2012 - $5.6 million), Retail U.S. Division - Wireless Zone corporate costs of $9.4 million (2012 - $0.8 million), and Retail Australia Division corporate costs of $4.9 million (2012 - $2.7 million). The year December 31, 2012 only includes two months of Retail Australia corporate costs and one month of Retail U.S. Division - Wireless Zone corporate costs.
- Income tax for the three months ended and year ended December 31, 2013 were $1.9 million expense and $0.4 million recovery, respectively, compared to the income tax expenses of $3.7 million and $10.1 million for comparable periods in 2012. The reduction of income tax expenses in the current year is predominately attributable to a decrease in operating income and a reduction to deferred tax liabilities in Australia as a result of the impairment of certain AMT intangible assets and goodwill.
On January 9, 2014, the Company completed the sale of its Business
Division's non-core MSAT satellite assets for nominal cash
consideration and future cash payments based on performance over seven
Subsequent to year end, the Company amended its 5-year syndicated credit
agreement whereby Facilities B and C are now amortized over a period of
10 years. As part of the amendment, the Company negotiated a Facility
B principal payment holiday and Facility C one-time principal payment
reduction to $0.7 million for the quarterly payment due March 31,
2014. For the remainder of the term of the syndicated credit
agreement, Facility B quarterly repayments will be $0.6 million and
Facility C quarterly repayments will be $3.2 million. Certain financial
covenants, including the fixed charge covenant and cash flow sweep
threshold amount based on debt to cash flow covenant were also amended.
No changes were made to loan pricing of Facilities A, B, or C. All
credit facilities within the agreement mature October 2017.
- On March 20, 2014, the Company signed an agreement for the sale of certain intangible assets within its Retail Australia Division. The intangible assets are related to sale and distribution of accessories that is ancillary to the Allphones retail business. The sale is for proceeds of AUD$2.5 million over the next two years.
Based in Burnaby, BC, Canada, GLENTEL (TSX: GLN) is a leading provider of innovative and reliable wireless communications services and solutions, offering a choice of network carrier and wireless or mobile products and services to consumers and commercial customers. GLENTEL is the largest independent multicarrier mobile phone retailer in Canada and Australia. In the United States, GLENTEL operates two of the six National Premium Retailers for Verizon Wireless. To its business and government customers, GLENTEL offers wireless systems and hardware, rental equipment, and system implementation services. GLENTEL celebrated its 50th anniversary in 2013.
GLENTEL's own brands, including GLENTEL Wireless Solutions, WIRELESSWAVE, WAVE SANS FIL, Tbooth wireless, la cabine T sans fil, WIRELESS etc…, SANS FIL etc…, MacStation, iStation, Diamond Wireless, Wireless Zone®, and Allphones span four countries and three continents. At December 31, 2013, the Company employed over 4,700 employees and operated more than 1,420 locations, including more than 485 locations in Canada, located in retail malls, Costco Wholesale stores, Target retail stores, and business centres; more than 750 corporate, franchise, and BJ's Wholesale Inc. kiosk retail locations in the United States; and more than 175 retail locations in Australia and the Philippines.
This news release contains statements about financial and operating performance of GLENTEL and future events that are forward looking. By their nature, forward-looking statements require GLENTEL to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the qualifications and risk factors referred to in GLENTEL's 2013 Annual Information Form, in the 2013 annual report, and any assumptions, qualifications and risk factors contained in other GLENTEL public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com). Except as required by law, GLENTEL disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE Glentel Inc.
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Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 29, 2015 02:00 PM EDT Reads: 1,191
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 28, 2015 04:30 PM EDT Reads: 1,767
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,045
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jul. 27, 2015 10:00 AM EDT Reads: 2,034
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 328
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,906
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,578
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 398
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,962
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 476
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,542
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,492