Voxcom Purchases more accounts from Stealth Alarm Systems
EDMONTON, Alberta--Voxcom Income Fund announced on June 21 that it purchased approximately 1,000 additional customer accounts in Alberta from Stealth Alarm Systems.
Voxcom originally purchased 16,000 Alberta-based accounts from Stealth last December. Under the terms of that purchase agreement, Voxcom agreed to increase its stake if those accounts met certain criteria.
"This account purchase, as outlined in our prospectus, will continue to leverage our existing infrastructure in both Edmonton and Calgary. With these additional customers, Voxcom will now have more than 104,000 customers in Canada," said Brad Sparrow, president and chief executive officer of Voxcom Income Fund, in a statement.
Voxcom's purchase of the Alberta accounts came as Stealth was striking back after its business license in Calgary was suspended by the city.
In addition to receiving complaints from consumers, Calgary officials said Stealth Alarms did not have an active direct seller's license. The city pulled Stealth Alarm's business license in July 2004, but held off issuing a 45-day suspension until Oct. 30, 2004--the date of the company's appeal, which the city rejected.
The suspension kept the company from selling, installing and monitoring any alarm systems in the area.