Tuesday, January 27th-0.9°C
24624
23613

Wind Mobile says it doesn't have the money to buy wireless spectrum

TORONTO - On the eve of the wireless spectrum auction, new wireless player Wind Mobile says it's withdrawing from bidding due to a lack of funds.

Wind Mobile CEO and chairman Anthony Lacavera says majority owner, Russian telecom VimpelCom, has decided not to fund the company's participation in the 700 megahertz spectrum auction that starts Tuesday.

The small carrier has been trying to become Canada's fourth major wireless carrier after big players Rogers (TSX:RCI.B), Bell (TSX:BCE) and Telus (TSX:T), which dominate the market with more than 25 million subscribers among them.

Wind Mobile's withdrawal doesn't bolster Ottawa's attempt to have a fourth wireless carrier in every region of the country. Wind has more than 650,000 subscribers and operates in Ontario, Alberta and British Columbia but was put up for sale by VimpelCom.

While Lacavera says it's business as usual for the company, not being able to participate in the auction leaves Wind with a shortage of spectrum to upgrade its network.

Lacavera still owns 35 per cent of the company he founded and says VimpelCom is continuing discussions with the federal government and him about the company's future.

A total of 10 Canadian participants — including the big three — are bidding on the 700-megahertz radio waves now that Wind Mobile has dropped out.

The previous spectrum auction in 2008 raised $4.3 billion and ushered in new players: Wind Mobile, Mobilicity, Public Mobile, Videotron and Eastlink.

Since then, Mobilicity has been put up for sale and Public Mobile has been sold to Telus.

The Canadian Press


Read more Business News

24813


Recent Trending




Today's Market
S&P TSX14833.88+36.05
S&P CDNX676.77+2.38
DJIA17387.21-291.49
Nasdaq4681.498-90.266
S&P 5002029.55-27.54
CDN Dollar0.8044-0.0026
Gold1288.80+9.40
Oil47.27-0.68
Lumber312.50+0.80
Natural Gas2.916-0.065

 
Okanagan Companies
Pacific Safety0.12-0.02
Knighthawk0.010.00
QHR Technologies Inc1.43+0.04
Cantex0.0350.00
Anavex Life Sciences0.180.00
Metalex Ventures0.035-0.005
Russel Metals24.33-0.12
Copper Mountain Mining1.05-0.04
Colorado Resources0.155+0.02
ReliaBrand Inc0.0069+0.0009
Sunrise Resources Ltd0.055+0.03
Mission Ready Services0.21-0.03

 



24910

FEATURED Property
216367814991 East Hill Rd
10089681 bedrooms
$999,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...


What do I pay ICBC for anyway?

If you have had ongoing dealings with ICBC as a result of a car accident than you have likely had the pleasure of dealing with at least two sides of ICBC. Initially the relationship starts off pleasan...

_



24709




Member of BC Press Council


24222