In a move we don't see as often as its reverse, Canadian wireless retailer Glentel Inc., which owns and operates retailers under the Glentel Wireless, WirelessWave, The Telephone Booth (Tbooth and la cabine T), and WIRELESS etc. names, has agreed to purchase U.S. retailer Diamond Wireless, LLC for US$50.45 million.

Headquartered in Salt Lake City, Utah, Diamond Wireless operates 128 retail stores, the majority (118) of which are located in shopping malls, and all of which are marketed as "premium retailers" for Verizon Wireless products. The stores are located in major metropolitan areas like Washington, Oregon, Wyoming, Utah, Colorado, California, Arizona, Nevada, New Mexico, Texas, and Hawaii. Altogether, there are 750 salespersons working for the company, which was founded a decade ago, and is authorized to represent Verizon Wireless in the Western and Southern States.

Glentel will also purchase the remaining 18.5% minority interest in the future under certain terms and conditions.

"We are delighted to welcome Diamond Wireless to our company," says Thomas Skidmore, Glentel's President and CEO. "Diamond has consistently delivered strong growth in sales and profitability, new store openings, and solid same-store sales growth year over year; similar to the performance of our retail division in Canada. As Glentel now continues its wireless retail mall expansion into the United States, we endorse Diamond's business plan to grow with profitability representing Verizon Wireless, under the continued leadership and commitment of Diamond's President and COO, Troy Crosland, and his existing management team. Diamond Wireless will be a significant contributor to our earnings and shareholder value in the fourth quarter."

"We are also delighted to have reached an agreement with a company that shares similar core values of quality, service and integrity," adds Crosland, who is also the company's Co-Founder. "With our commitment to our Diamond team members and customers, we are confident that Diamond can nurture Glentel's growth plan in the U.S. and together build our brand."

The transaction is expected to close on October 1, 2010, and is subject to the fulfillment of certain customary conditions.

In Canada, Glentel operates more than 280 locations across Canada in both its retail and business divisions. These range from mall stores, to standalone shops, as well as in Costco Wholesale stores and business centres. Glentel offers products and services from all major wireless carriers. The company, founded in 1963, is headquartered in Burnaby, BC.

Thomas Skidmore, President and CEO, Glentel

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