WATERLOO, Ont. — Mobile telecom startup Fongo Inc. says it’s making a bid to buy Wind Mobile’s Canadian operations.The Waterloo, Ont., company says its initial offer is a $1 purchase price for Wind Mobile and a 49% equity ownership stake in Fongo but notes Wind also has millions of dollars in debt, which could affect the price it would be willing to pay.Fongo says it plans to retain the majority of Wind Mobile’s employees but will rethink many aspects of the business.Wind’s chief regulatory officer Simon Lockie swiftly took to Twitter with his own “offer” for Fongo:I hereby publicly offer to buy Fongo for $1 and half my sandwich.Hopefully the story gets picked up before I get too hungry to deliver. — Simon Lockie (@LockieSimon) March 27, 2013Guess it’s safe to say Wind won’t be entering into talks with Fongo anytime soon.Fongo says that since February 2012 more than 250,000 Canadians have signed up for Fongo’s free mobile phone service through a mobile app. Fongo makes its money through advertising and such services as visual voice mail.The little-known company has publicly disclosed $1.7-million in venture capital investment from Tech Capital Partners and angel investors. The firm has also received a repayable loan of up to $850,000 from FedDev Ontario in November 2012 for research and development of the next generation of its mobile service.Wind Mobile, part of a wave of new wireless companies offering more cellphone competition in Canada, was launched in 2009 by founder Tony Lacavera with financial backing from Egyptian telecom player Naguib Sawiris.They are expected to make a bid to buy back the company from its current Dutch owner, VimpelCom, which has put Wind Mobile up for sale.