Stock Symbol: ICH
MONTREAL, July 30 /CNW Telbec/ - Intercable ICH Inc. (Intercable or ICH) announced today that Intercable Africa Ltd. (ICA) was not able to obtain additional financing with Absa Bank and The Mauritius Commercial Bank (MCB), nor an extension of the due date of its current outstanding bridge facilities. Therefore, all credit facilities with Absa Bank and MCB become repayable on July 31st, 2010. The board members of ICA and ICH had no other alternative than to put the operating subsidiary, Intercable Reunion SAS (ICR) under a legal administrative process that could lead to the liquidation of the company in La Réunion.
All the members of the board of ICH have resigned as of today and Guy Laflamme has been mandated by the board, as President and Chief Executive Officer of the company, to transact all matters on behalf of ICH.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements that are subject to risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Consequently, actual results may differ materially from those anticipated by such statements. These risks and uncertainties are described in the annual information form dated July 8, 2008, and in Intercable's filings with regulatory authorities.
SOURCE INTERCABLE ICH INC.
For further information: For further information: please visit Intercable's website at www.intercable.ca or contact: Guy Laflamme, President and Chief Executive Officer, Tel.: 450-799-5364, guylaflamme@Intercable.ca