Siyata Mobile has announced its investment in Canadian Towers & Fiber Optics Inc. (CT&FO), a company that specializes in developing telecoms infrastructure in Mexico.
In an SEC filing, Siyata, a developer and vendor of Push-to-Talk (PTT) over Cellular (PoC) handsets and accessories, confirmed it completed its strategic investment by acquiring a minority investment in CT&FO for $1 million.
The company said it agreed to acquire an aggregate of 130,000 common shares, at a purchase price of $8.00 per share, for an aggregate purchase price of $1m. Siyata recently closed its public offering of approximately $6m of common shares.
Although based in Canada, CT&FO focuses on tower development in Mexico and has plans to expand to other Latin American markets.
Siyata notes that Mexico is the second largest market in the $81 billion Latin American telecommunications industry.
The company also owns and operates the largest dark fiber optic network in Central Mexico, with Telefónica as its anchor tenant under a 20-year leasing contract.
According to Siyata, to date CT&FO has deployed 24 towers in Mexico and has plans to develop more than 1,000 additional towers in key markets over the next few years.
"Our investment in CT&FO provides us with an entrée into Latin America through an established and fast-growing telecommunications partner. Through this partnership, we will have the opportunity to collaborate with a leading cell tower company to develop new business opportunities for our PTT handsets in Central Mexico and across Latin America as CT&FO further expands its business," said Siyata CEO, Marc Seelenfreund.
"Latin America represents a massive market opportunity for PTT devices, and we are excited to leverage CT&FO's leading industry position to further advance our sales efforts."
Chris Cooper, CEO of Canadian Towers & Fiber Optics Inc. added: "We are excited to have Siyata join as an investor. We look forward to working with the Siyata team to grow our telecommunications infrastructure business and to introduce its innovative devices to wireless carriers in Latin America."
