Goosetown Enterprises Inc. acquired the TeamConnect business of pdvWireless Inc..
January 07, 2019
Share
Goosetown Enterprises Inc. (“Goosetown”) entered into an agreement to acquire the TeamConnect business of pdvWireless Inc. (NasdaqCM:PDVW) on January 2, 2019. The transaction is structured as a customer acquisition, resale and licensing agreement whereby Goosetown will acquire (i) the pdvWireless’s TeamConnect customers located in the Baltimore/Washington DC, Philadelphia and New York metropolitan markets, (ii) the right to access pdvWireless’ MotoTRBO Systems, (iii) the right to resell access to pdvWireless’ MotoTRBO Systems pursuant to a MVNO Arrangement and (iv) a license to sell the TeamConnect Mobile, TeamConnect Hub and TeamConnect for Smart Devices applications. Goosetown agreed to provide customer care, billing and collection services for all the purchased customers. pdvWireless will initially continue to provide these services for a 90-day period to help facilitate the transitioning. Additionally, pdvWireless will pay all site lease, backhaul and utility costs required to operate the MotoTRBO Systems for a two (2)-year period. Goosetown has agreed to pay pdvWireless a portion of the recurring revenues received from the purchased customers ranging from 100% to 20% during the term of the agreement. Additionally, Goosetown has agreed to pay pdvWireless 20% of recurring revenues from the licensed applications for a period of 48 months. Additionally, the agreement provides audit rights to pdvWireless, mutual indemnification obligations and certain liability waivers. The Goosetown agreement has a term of no longer than 72-months, unless terminated earlier by one of the parties as a result of a material breach by the other party. In connection with the transaction, pdvWireless entered into a memorandum of understanding (‘MOU’) with TeamConnect LLC, an entity formed by the principals of Goosetown. The terms of the MOU provide that pdvWireless will assign the intellectual property rights to its TeamConnect and pdvConnect related applications and software pursuant to the LLC in exchange for a 19.5% ownership interest in the LLC. pdvWireless has also entered into a separate agreement to sell the TeamConnect business located in the Atlanta, Chicago, Dallas, Houston and Phoenix to A BEEP LLC. In connection with the transfer of the TeamConnect business and the concurrent sale of pdvConnect businesses, pdvWireless announced the elimination of approximately 20 positions and the closure of the office in San Diego, California.
Goosetown Enterprises Inc. completed the acquisition of the TeamConnect business of pdvWireless Inc. (NasdaqCM:PDVW) on January 2, 2019.
Anterix Inc. is a wireless communications company, which is focused on commercializing its spectrum assets to enable its targeted utility and critical infrastructure customers to deploy private broadband networks and solutions. The Company holds licensed spectrum in the 900-megahertz (MHz) band (896-901/935-940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska, and Puerto Rico. The Company is focused on providing transformative broadband solutions for critical infrastructure industries and enterprises, including private wireless connectivity on 900 MHz spectrum and next-generation communications platforms. The Company owns licenses of the 399 channels in the 900 MHz band in approximately 20 metropolitan market areas in the United States. The Company is positioned to enable the private Long-Term Evolution (LTE) broadband solutions that support customer-controlled operations.
ANTERIX INC. 
