RAMTelecom’s shareholders approve sale as losses widen

OTTAWA – RAMTelecom Inc. records year-end revenue of $4.38 million, down 0.9% from $4.42 million for the prior year. The satellite communications RAMTelecom-cropped.JPGservices and solutions provider incurred a net loss of $1.98 million in 2008, resulting from a writedown of its goodwill assets by 50% due to problems raising capital, the company says. In 2007, RAMTelecom’s loss was $1.39 million. The company has been struggling with financing since March last year, when it managed to raise only $102,000 while looking for $2 million. Shareholders recently approved the proposed sale of the firm’s operating company, R.A. Misener Telecom Corporation, to Montreal based Omniglobe Networks Inc. for $2.4 million. The deal is scheduled to close on or before May 19th.

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