Creative Vistas, Inc. has realized about $5.6 million in cash from the recently-completed sale of nearly 12 percent stake in the cable-servicing firm 180 Connect Inc. to the DirecTV (News - Alert) Group, Inc.

 

DirecTV had acquired all of 180 Connect’s common shares for about $46.7 million. The acquisition was completed on July 9. The proceeds from the sale are expected to help Creative Vistas accelerate its expansion into the U.S. cable industry. The company noted its revenues from the U.S. are expected to grow at a rapid pace in 2008.

 

Revenues in the first quarter of 2008 from U.S. sales were less than $300,000 and Creative Vistas is expected to grow this to $1 million in the second quarter of 2008. Creative Vistas is continuing to experience high demand in the U.S. for its residential services.

 

“DirectTV’s acquisition of 180 Connect provides Creative Vistas with a substantial cash infusion to fund its U.S.-focused growth strategy,” said Dominic Burns, Creative Vistas CEO, in a statement.

 

“We expect this new source of capital will help us accelerate the development of new business at our Dependable HomeTech Division in the U.S., which this year has begun providing broadband-related services such as installation and repair for major cable system providers serving the largest metropolitan markets in Louisiana and North Carolina.”

 

Creative Vistas is a provider of broadband-related services as well as security technologies and systems. Through its subsidiary Dependable HomeTech, formerly known as Cancable Inc., Creative Vistas provides the deployment and servicing of broadband technologies to the commercial and residential market in Canada and the U.S.

 

Through its subsidiaries, AC Technical Systems Ltd. and Iview Digital Video Solutions Inc., it offers proprietary and non-proprietary technologies to the integrated electronic security and surveillance market.

 

Its growing list of customers for broadband-related services include major cable-system operators in Ontario, Canada and U.S. metropolitan markets including New Orleans and Baton Rouge, La., and Charlotte, N.C.

 

Its security and surveillance systems are used by numerous high-profile clients, including government, school boards, retail outlets, banks and hospitals. Creative Vistas is based in Ontario.