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TD Integrates with TouchBistro to Provide Payment Solution to Canadian Restaurant Owners

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TouchBistro POS and restaurant management system enables restaurant owners to manage orders, reservations, staffing, floor plan, and reconcile bills on one platform

TORONTO, Nov. 7, 2024 /CNW/ – TD Bank Group (TD) is pleased to announce a collaboration with independent software vendor, TouchBistro, enabling Canadian restaurant and food service entrepreneurs to consolidate all management and payment services into one, easy to use POS and restaurant management system. Available to all TD customers, TouchBistro provides restaurateurs with everything they need to drive sales and streamline operations through their comprehensive suite of front of house, back of house, and guest engagement technology.

“Collaborating with TouchBistro gives our merchants the ability to integrate their TD payment devices and benefit from the restaurant POS functionality and features that TouchBistro has to offer,” says Alec Morley, Senior Vice President, Canadian Small Business Banking at TD. “In turn, Merchants have the peace of mind being supported by a bank and software vendor that they know and trust, helping entrepreneurs feel at ease while managing their restaurant business.”

When it comes to paying for meals, TouchBistro’s 2024 Canadian Diner Trends Report found that 84 percent of Canadian diners prefer to settle up by using either a credit or debit card, and 76 percent of patrons prefer using a handheld payment terminal that is brought to the table.

“Offering merchants the ability to integrate their TD payment device directly with a restaurant management tool allows them to deliver what Canadian diners are looking for – ease of payment combined with enhanced customer service,” says Morley. “When things like reservations, managing orders and floor plans, plus the ability to reconcile bills are offered in one platform, restaurant staff can focus their attention on diners and delivering the quality customer service that we know Canadians are looking for.”

“TouchBistro is constantly evolving to offer best-in-class solutions to operators, and we are excited to work with TD as one of our integrated payments providers,” said Samir Zabaneh, Chairman and CEO of TouchBistro. “As we continue to be the most comprehensive all-in-one POS and restaurant management system, this collaboration is a natural fit as we expand our portfolio to offer diverse solutions that cater to Canadian operators’ unique needs.”

Offering an integrated payment solution allows merchants to improve efficiencies, generate insights about their business, ensure that payment data is secure and provide a pleasant customer experience.

For more information on the TD-integrated payment solution with TouchBistro please visit: https://www.touchbistro.com/tdintegration/

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world’s leading online financial services firms, with more than 17 million active online and mobile customers. TD had $1.97 trillion in assets on July 31, 2024. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

About TouchBistro

TouchBistro is an all-in-one POS and restaurant management system that makes running a restaurant easier by providing essential front of house, back of house, and guest engagement solutions on one powerful platform. TouchBistro helps restaurateurs streamline and simplify their operations, drive sales, and deliver a great guest experience. For additional information, visit TouchBistro.com.

SOURCE TD Bank Group

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WILDBRAIN REPORTS Q1 2025 RESULTS

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Q1 2025 Highlights

Revenue was $111.0 million, compared to $105.5 million in Q1 2024.Net loss was $10.6 million, compared with net loss of $15.5 million in Q1 2024.Adjusted EBITDA1 was $15.3 million, compared to $18.9 million in Q1 2024.Cash provided by operating activities was $25.8 million, compared to cash used in operating activities of $3.0 million in Q1 2024.Free Cash Flow1 was positive $4.8 million, compared to negative $25.4 million in Q1 2024.

TORONTO, Nov. 7, 2024 /CNW/ – WildBrain Ltd. (“WildBrain” or the “Company”) (TSX: WILD), a global leader in kids’ and family entertainment, today reported its first quarter (“Q1 2025”) results for the period ended September 30, 2024.

Josh Scherba, WildBrain President and CEO, said: “We started Fiscal Year 2025 with strong growth in Global Licensing, led by our iconic brands—Peanuts, Strawberry Shortcake and Teletubbies. The work we’ve been doing to simplify our business and focus on our key brands, especially building new fandom and engagement for Strawberry and Teletubbies, is showing greenshoots in our results as consumers reengage with these beloved brands. In our production business, the pipeline continues to build, and that activity will fuel earnings growth later in this fiscal year, and more importantly, in Fiscal Year 2026 and beyond. We are harnessing momentum across our business and are well positioned to deliver growth in both revenue and profitability this fiscal year.”

Nick Gawne, WildBrain CFO, added: “As we announced in July, we are pleased to have successfully refinanced our debt, extended our maturity and repaid the convertible debentures. The strength in Global Licensing this quarter highlighted our strategy focusing on key franchises, and we continue to execute on our priorities of simplifying our business, reducing leverage over time and prioritizing on our high-growth areas of the business while managing our operating efficiency.”

Fiscal Year 2025 Outlook

The Company reaffirms its previously announced outlook for Fiscal Year 2025. We expect:

Revenue growth of approximately 10 to 15%, andAdjusted EBITDA growth of approximately 5 to 10%.

Q1 2025 Financial Highlights

Financial Highlights

(in millions of Cdn$)

Three Months Ended

September 30,

2024

2023

Revenue

$111.0

$105.5

Gross Margin

$52.7

$51.8

Gross Margin (%)

47 %

49 %

Adjusted EBITDA attributable to WildBrain

$15.3

$18.9

Net Income (Loss) attributable to WildBrain  

$(10.6)

$(15.5)

Basic Earnings (Loss) per Share

$(0.05)

$(0.08)

Cash Provided by Operating Activities

$25.8

$(3.0)

Free Cash Flow

$4.8

$(25.4)

In Q1 2025, revenue increased 5% to $111.0 million, compared to $105.5 million in Q1 2024.

Content Creation and Audience Engagement revenue decreased 14% to $40.8 million in Q1 2025, compared to $47.2 million in Q1 2024. Production revenue was lower year-over-year as a result of fewer productions in the studios as compared to the prior year as well as timing of live action productions. Audience Engagement partially offset the drop in Content Creation revenues with growth in music licensing and YouTube network revenues.

Global Licensing revenue increased 27% to $62.9 million in Q1 2025, compared to $49.5 million in Q1 2024. Revenue in the quarter was driven by strong growth in Peanuts, growth within our global licensing agency, WildBrain CPLG, as well as strong growth in WildBrain’s owned brands, Strawberry Shortcake and Teletubbies.

Gross margin for Q1 2025 was 47%, compared to gross margin of 49% in Q1 2024. Gross margin for Q4 2024 was $52.7 million, an increase of $0.9 million, compared to $51.8 million for Q1 2024. 

Cash provided by operating activities in Q1 2025 was $25.8 million, compared to $3.0 million cash used in operating activities in Q1 2024. Free Cash Flow was positive $4.8 million in Q1 2025, compared with Free Cash Flow of negative $25.4 million in Q1 2024.

Adjusted EBITDA declined 19% to $15.3 million in Q1 2025, compared with $18.9 million in Q1 2024. Higher gross margin dollars were offset by higher SG&A, reflecting the recovery of a previously reserved bad debt of $2.8 million in Q1 2024.

Q1 2025 net loss was $10.6 million compared to net loss of $15.5 million in Q1 2024. The change was primarily driven by higher gross margin dollars, offset by higher SG&A and higher interest costs.

1.

Free Cash Flow, Gross Margin, Adjusted EBITDA and Adjusted EBITDA attributable to WildBrain are non-GAAP financial measures – see below for further details.

Q1 2025 Conference Call

The Company will hold a conference call on November 8, 2024 at 10:00 a.m. ET to discuss the results.

To immediately join the call by phone on that date without operator assistance, please use the following URL to receive a toll-free automated instant call back connecting you into the conference:

https://link.meetingpanel.com/?id=11401

Alternatively, you may dial direct to be entered into the call by an operator, referencing conference ID 11401 at +1 888-510-2154 in North America or +1 437-900-0527 internationally.

If dialing in, please allow 10 minutes to be connected to the conference call.

Replay will be available after the call on +1 (888) 660-6345 or +1 (289) 819-1450, under passcode 11401#, until November 15, 2024.

The audio and transcript will also be archived on our website approximately three business days following the event.

For more information, please contact:

Investor Relations: Kathleen Persaud – VP, Investor Relations, WildBrain
kathleen.persaud@wildbrain.com
+1 212-405-6089

Media: Shaun Smith – Sr. Director, Global Communications & Public Relations, WildBrain
shaun.smith@wildbrain.com
+1 416-977-7230

About WildBrain

At WildBrain we inspire imaginations through the wonder of storytelling. As a leader in 360° franchise management, we are experts in content creation, audience engagement and global licensing, cultivating and growing love for our own and partner brands around the world. With approximately 14,000 half-hours of kids’ and family content  in our library—one of the world’s most extensive—we are home to such treasured franchises as Peanuts, Teletubbies, Strawberry Shortcake, Yo Gabba Gabba!, Inspector Gadget and Degrassi. WildBrain’s mission is to create exceptional entertainment experiences that captivate and delight fans both young and young at heart.

Our studios produce such award-winning series as The Snoopy Show; Snoopy in Space; Camp Snoopy; Strawberry Shortcake: Berry in the Big City; Sonic Prime; Chip and Potato; Teletubbies Let’s Go! and many more. Enjoyed in more than 150 countries on over 500 platforms, our content is everywhere kids and families view entertainment, including YouTube, where our network has garnered over 1.5 trillion minutes of watch time. Our television group owns and operates some of Canada’s most-loved family entertainment channels. WildBrain CPLG, our leading consumer-products and location-based entertainment agency, represents our owned and partner properties in every major territory worldwide. 

WildBrain is headquartered in Canada with offices worldwide and trades on the Toronto Stock Exchange (TSX: WILD). Visit us at wildbrain.com.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects WildBrain’s current assumptions and expectations regarding future events as at the time they are made. The words “will”, “expects”, “anticipates”, “believes”, “plans”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond WildBrain’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to: changes in general economic, business and political conditions. WildBrain undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Non-IFRS Measures

In addition to the results reported in accordance with IFRS as issued by the International Accounting Standards Board, the Company uses various non-GAAP financial measures, which are not recognized under IFRS, as supplemental indicators of our operating performance and financial position. These non-GAAP financial measures are provided to enhance the user’s understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a consistent basis for comparison between periods. The following discussion explains the Company’s use of certain non-GAAP financial measures, which are Adjusted EBITDA, Adjusted EBITDA attributable to the Shareholders of the Company, Gross Margin and Free Cash Flow.

Investors are cautioned that these non-GAAP financial measures should not be construed as an alternative measure to net income or loss, or other measures as determined in accordance with GAAP, or as an indicator of the Company’s financial performance or a measure of liquidity and cash flows.

“Adjusted EBITDA” means earnings (loss) before net finance costs, income taxes, amortization of property & equipment and right-of-use and intangible assets, amortization of acquired and library content, equity-settled share-based compensation expense, changes in fair value of embedded derivatives, gain/loss on foreign exchange, reorganization, development and other expenses, impairment of certain investments in film and television programs/acquired and library content/P&E/intangible assets/goodwill, and also includes adjustments for other identified charges, as specified in the accompanying tables. Adjusted EBITDA is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that certain lenders, investors and analysts use Adjusted EBITDA to measure a company’s ability to service debt and meet other payment obligations, and as a common valuation measurement in the media and entertainment industry. Further, certain of our debt covenants use Adjusted EBITDA in the calculation. The most comparable GAAP measure is earnings before income taxes.

“Adjusted EBITDA attributable to the Shareholders of the Company” means Adjusted EBITDA excluding the portion of Adjusted EBITDA attributable to non-controlling interests.

“Gross Margin” means revenue less direct production costs and expense of film and television produced. Gross Margin is not an earnings measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP; accordingly, Gross Margin may not be comparable to similar measures presented by other issuers. Management believes Gross Margin is a useful measure of profitability before considering operating and other expenses and can be used to assess the Company’s ability to generate positive net earnings and cash flows. The most comparable GAAP measure is gross profit.

“Free Cash Flow” means operating cash flow less distributions to non-controlling interests, changes in interim production financing, cash interest paid on our long-term debt, bank indebtedness, and lease liabilities, and principal repayments on our lease liabilities. Free Cash Flow does not have a standardized meaning prescribed by GAAP; accordingly, Free Cash Flow may not be comparable to similar measures presented by other issuers. Management believes Free Cash Flow is a useful measure of the Company’s ability to repay debt, finance strategic business acquisitions and investments, pay dividends, and repurchase shares. The most comparable GAAP measure is cash from operating activities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/wildbrain-reports-q1-2025-results-302299233.html

SOURCE WildBrain Ltd.

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Tucows Reports Financial Results for Third Quarter 2024

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TORONTO, Nov. 7, 2024 /PRNewswire/ – Tucows Inc. (NASDAQ: TCX) (TSX: TC), a global internet services leader, today reported its financial results for the third quarter ended September 30, 2024. All figures are in U.S. dollars.

“Tucows finished the third quarter of 2024 with strong year-over-year growth of revenue, gross profit and adjusted EBITDA. We have focused on generating revenue and margin gains, and as importantly, we have implemented cost controls across all of our businesses, said Elliot Noss, Tucows President and CEO. In our Ting business, we recently undertook a second reduction in workforce as part of a capital efficiency plan and operational pivot towards maximizing penetration and contribution of existing network footprints. We also continued to deleverage the business with payments on the syndicated debt using cash flow from Wavelo and Tucows Domains.”

Financial Results

Consolidated net revenue for the third quarter of 2024 increased 6.1% to $92.3 million from $87.0 million for the third quarter of 2023, driven primarily by year-over-year revenue gains from Ting and Domains.

Gross profit for the third quarter of 2024 increased 32.4% to $22.2 million from $16.8 million from the third quarter of 2023. The increase in gross profit was driven primarily by large gross margin gains from Ting, as well as gains from Domains. The increase continues to be partially offset by network depreciation from the Ting network.

Net loss for the third quarter of 2024 was $22.3 million, or a loss of $2.03 per share, compared with net loss of $22.8 million, or $2.09 per share, for the third quarter of 2023. The decreased loss was primarily driven by increases in revenue and gross profit, as well as by a decrease in operating expenses.

Adjusted EBITDA1 for the third quarter of 2024 increased 94.3% to $8.7 million from $4.5 million for the third quarter of 2023. The year-over-year increase was primarily due to growth of revenues from Domains and Ting, and cost management in the Ting business.

Cash equivalents, restricted cash and restricted cash equivalents at the end of the third quarter of 2024 were $91.1 million compared with $52.2 million at the end of the second quarter of 2024 and $122.4 million at the end of the third quarter of 2023.

Summary Financial Results
(In Thousands of US Dollars, Except Per Share Data)

3 Months ended September 30

9 Months ended September 30

2024 (unaudited)

2023 (unaudited)

% Change

2024 (unaudited)

2023 (unaudited)

% Change

Net Revenues

92,297

86,971

6 %

269,177

252,379

7 %

Gross Profit

22,188

16,753

32 %

61,314

48,846

26 %

Income Earned on Sale of Transferred Assets, net

3,853

4,312

(11 %)

10,831

12,971

(16) %

Net Income (Loss)

(22,297)

(22,772)

2 %

(67,385)

(72,823)

7 %

Basic earnings (Loss) per common share

(2.03)

(2.09)

3 %

(6.15)

(6.71)

8 %

Adjusted EBITDA¹

8,688

4,472

94 %

22,068

12,897

71 %

Net cash provided by (used in) operating activities

(4,564)

(6,936)

34 %

(14,950)

(13,774)

(9) %

1.     This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table.

Summary of Revenues, Gross Profit and Adjusted EBITDA
(In Thousands of US Dollars)

Revenue

Gross Margin

Adj. EBITDA¹

3 Months ended
September 30

3 Months ended
September 30

3 Months ended
September 30

2024
(unaudited)

2023
(unaudited)

2024
(unaudited)

2023
(unaudited)

2024
(unaudited)

2023
(unaudited)

Ting Internet Services:

Fiber Internet Services

15,310

12,855

10,989

7,986

(5,070)

(12,176)

Wavelo Platform Services:

Platform Services

10,075

10,697

10,012

10,355

Other Professional Services

7

377

7

149

Total Wavelo Platform

Services

10,082

11,074

10,019

10,504

3,429

4,207

Tucows Domain Services:

Wholesale

Domain Services

49,871

47,657

9,691

9,597

Value Added Services

5,175

4,252

4,666

3,715

Total Wholesale

55,046

51,909

14,357

13,312

Retail

9,669

9,179

5,453

5,063

Total Tucows Domain

Services

64,715

61,088

19,810

18,375

11,529

10,913

Corporate:

Mobile Services and Eliminations

2,190

1,954

(1,134)

(611)

(1,200)

1,528

Network Expenses:

Network, other costs

n/a

n/a

(6,864)

(7,322)

n/a

n/a

Network, depreciation of property and equipment

n/a

n/a

(9,414)

(9,138)

n/a

n/a

Network, amortization of intangible assets

n/a

n/a

(366)

(378)

n/a

n/a

Network, impairment

n/a

n/a

(852)

(2,663)

n/a

n/a

Total Network Expenses

n/a

n/a

(17,496)

(19,501)

n/a

n/a

Total

92,297

86,971

22,188

16,753

8,688

4,472

1 This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table.

Notes: 

1. Adjusted EBITDA

Tucows reports all financial information required in accordance with United States generally accepted accounting principles (GAAP). Along with this information, to assist financial statement users in an assessment of our historical performance, the Company typically discloses and discusses a non-GAAP financial measure, adjusted EBITDA, in press releases and on investor conference calls and related events that exclude certain non-cash and other charges as the Company believes that the non-GAAP information enhances investors’ overall understanding of our financial performance.

The Company believes that the provision of this supplemental non-GAAP measure allows investors to evaluate the operational and financial performance of the Company’s core business using similar evaluation measures to those used by management. The Company uses adjusted EBITDA to measure its performance and prepare its budgets. Since adjusted EBITDA is a non-GAAP financial performance measure, the Company’s calculation of adjusted EBITDA may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. Because adjusted EBITDA is calculated before certain recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a liquidity measure. Non-GAAP financial measures do not reflect a comprehensive system of accounting and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies and/or analysts and may differ from period to period. The Company endeavors to compensate for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted EBITDA to net income based on U.S. GAAP, which should be considered when evaluating the Company’s results. Tucows strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure.

The Company’s adjusted EBITDA definition excludes depreciation, impairment and loss on disposition of property and equipment, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions, loss on debt extinguishment and costs that are not indicative of on-going performance (profitability), including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding unhedged foreign currency contracts, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars.

The following table reconciles income before provision for income taxes to Adjusted EBITDA (dollars in thousands):

3 Months ended September 30

9 Months ended September 30

2024
(unaudited)

2023
(unaudited)

2024
(unaudited)

2023
(unaudited)

Net income (Loss) for the period

(22,297)

(22,772)

(67,385)

(72,823)

Less:

Provision (recovery) for income taxes

3,074

(822)

6,068

(5,557)

Depreciation of property and equipment

9,526

9,275

29,686

26,770

Impairment of property and equipment

852

2,663

905

4,679

Amortization of intangible assets

1,209

2,620

4,089

8,101

Interest expense, net

13,095

10,739

37,527

29,120

Loss on debt extinguishment

14,680

Stock-based compensation

1,808

2,308

5,383

6,606

Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities

(197)

340

357

254

Acquisition and transition costs*

1,618

121

5,438

1,067

Adjusted EBITDA

$8,688

$4,472

$22,068

$12,897

* Acquisition and other costs represent transaction-related expenses and transitional expenses. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments.

Management Commentary

Concurrent with the dissemination of its quarterly financial results news release at 5:05 p.m. ET on Thursday, November 7, 2024, management’s pre-recorded audio commentary (and transcript), discussing the quarter and outlook for the Company will be posted to the Tucows website at http://www.tucows.com/investors/financials.

Following management’s prepared commentary, for the subsequent seven days, until Thursday, November 14, 2024, shareholders, analysts and prospective investors can submit questions to Tucows’ management at ir@tucows.com. Management will post responses to questions in an audio recording and transcript to the Company’s website at http://www.tucows.com/investors/financials, on Tuesday, November 26, 2024, at approximately 4 p.m. ET. All questions will receive a response, however, questions of a more specific nature may be responded to directly.

About Tucows

Tucows helps connect more people to the benefit of internet access through communications service technology, domain services, and fiber-optic internet infrastructure. Ting (https://ting.com) delivers fixed fiber Internet access with outstanding customer support. Wavelo (https://wavelo.com) is a telecommunications software suite for service providers that simplifies the management of mobile and internet network access; provisioning, billing and subscription; developer tools; and more. Tucows Domains (https://tucowsdomains.com) manages approximately 25 million domain names and millions of value-added services through a global reseller network of over 35,000 web hosts and ISPs. Hover (https://hover.com) makes it easy for individuals and small businesses to manage their domain names and email addresses. More information can be found on Tucows’ corporate website (https://tucows.com).

Tucows, Ting, Wavelo, and Hover are registered trademarks of Tucows Inc. or its subsidiaries.

This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding our future financial results and, including, without limitation, our expectations regarding our ability to realize synergies from the Enom acquisition and our expectation for growth of Ting Internet. These statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Information about other potential factors that could affect Tucows’ business, results of operations and financial condition is included in the Risk Factors sections of Tucows’ filings with the Securities and Exchange Commission. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements are based on information available to Tucows as of the date they are made. Tucows assumes no obligation to update any forward-looking statements, except as may be required by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tucows-reports-financial-results-for-third-quarter-2024-302299323.html

SOURCE Tucows Inc.

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Technology

Strengthening Canada’s leadership in telecommunications technology: A new partnership with Ericsson

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The $634.8 million project aims to advance 5G technology and boost R&D and wireless networking technologies in Canada

OTTAWA, ON, Nov. 7, 2024 /CNW/ – In today’s globalized world, Canadians increasingly depend on fast and reliable wireless services in every facet of their lives. That is why the Government of Canada is investing in innovative solutions that will enhance Canada’s telecommunications industry.

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, finalized an investment of $79.1 million under the Strategic Innovation Fund to support Ericsson’s $634.8 million project to advance 5G technologies for next-generation telecommunications networks. The project will also involve R&D work for cloud-based wireless technologies and architectures, as well as artificial intelligence and quantum computing solutions to meet the needs of customers. This work will be performed at Ericsson’s facilities in Ottawa, Ontario, and Saint-Laurent, Quebec.

This partnership will bring economic benefits to the Ottawa and Montréal regions, stimulate Canada’s 5G ecosystem and drive growth in the entire tech sector. The project is also expected to create 1,200 co-op student positions and more than 190 jobs and to sustain 2,400 jobs in Canada, primarily in well-paying R&D positions. And each job created in this sector creates 1.3 new jobs in the broader economy. The government is making sure that Canada remains at the forefront of telecommunications technology to meet the demands of the future.

Quotes

“Fast, reliable and effective wireless telecommunications are essential to the modern economy. That is why our government is investing in next-generation technologies through its partnership with Ericsson, a global leader in this field with 71 years of deep roots in Canada. This investment will help secure Canada’s position at the forefront of cutting-edge telecommunications development and deployment.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

“Along with being a global leader in the telecommunications sector, Ericsson has also been an outstanding member of the Kanata business community, with deep historical ties to Canada. I am pleased to see this relationship between Ericsson and Canada being strengthened with this investment, which will bolster our economy and contribute to the creation of more than 190 excellent new jobs and the maintenance of 2,400 positions for Canadian workers.”
– The Honourable Jenna Sudds, Minister of Families, Children and Social Development

“Digitalization is an incredible opportunity, and our partnership with the Canadian government, through the Strategic Innovation Fund, will accelerate the advancement of key technologies including 5G, artificial intelligence and quantum computing. This collaboration will not only bolster Canada’s leadership in digital infrastructure but also benefit the entire region. By enhancing our R&D efforts in Ottawa and Montréal, we aim to stimulate Canada’s 5G ecosystem and contribute to the prosperity of the entire tech sector.”
– Börje Ekholm, President and CEO of the Ericsson Group

Quick facts

LM Ericsson, Ericsson Canada Inc.’s parent company, was founded in Sweden in 1876, and Ericsson Canada Inc. has been in operation in Canada since 1953.LM Ericsson has played a significant role in Canada’s innovation ecosystem for over 70 years, having invested over $7.2 billion in R&D over that period.The Ericsson project highlighted today will enable Canada to support the development of international wireless telecommunications industry standards necessary for the future generation of telecommunications hardware, software and services.The next generation of 5G wireless technology is expected to add $40 billion annually to Canada’s economy in the next four years.The information and communications technology sector plays an essential role in Canada’s economy and provides Canadians with good middle-class jobs. Each new job created by an investment in this sector creates 1.3 new jobs in the broader Canadian economy. Every dollar spent in this sector adds almost two dollars to our economy.The Strategic Innovation Fund (SIF) provides major investments in innovative projects that will help grow Canada’s economy for the well-being of all Canadians. SIF covers all sectors of the economy and is available to for-profit and not-for-profit organizations, with the goal of supporting the Canadian innovation network.

Associated links

Strengthening Canada’s position as a global tech leader while growing our economy and creating jobsEricsson Canada Inc.What is 5G?

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