Mobilicity(new wireless carrier) has been given the green light to start operations this spring, with the CRTC requiring a few minor changes to its ownership and control structure.
Data & Audio-Visual Enterprises (DAVE) Holdings, the company that controls Mobilicity, must first change the veto rights of its two biggest shareholders, Toronto entrepreneur John Bitove and his company Obelysk, and New York-based Quadrangle Capital Partners.
DAVE had proposed that the partners would each have the right to veto any expenditure over $10 million, or any fees for hiring investment bankers or financial advisers over $250,000.
Mobilicity is looking to add some much-needed competition in the mobile operator space up north, and as predicted, the CRTC has given the initial stamp of approval needed for it to move forward with business operations. The company has to make a few minor changes up the ladder in order to appease the Canadian overlords that regulate this stuff, but the outfit's top brass have stated that they have "no issues" whatsoever in complying. If all goes well, the carrier plans to start up service in Toronto before the summer swings in, with Vancouver, Calgary, Edmonton and Ottawa to get covered later in the year.