Look announces reorganization plan



    TORONTO and MONTREAL, Oct. 10 /CNW/ - Look Communications (TSX Venture:
LOK and LOK.A) announced today that the Board of Directors has approved a
certain reorganization plan (the "Plan") which, amongst other things, allows
for the establishment and maintenance of the Corporation's deferred tax
assets.
    The Plan involves the transfer of certain assets to a 100 per cent
controlled entity in order to establish and maintain approximately
$310 million of its non-capital losses. As a result of this Plan, the sale by
the Corporation of any or all of its major assets would result in any proceeds
to the Corporation of up to approximately $620 million being received on a
tax-free basis.

    About Look Communications Inc.

    Look's mission is to be an M(3) - Mobile Multi Media - entertainment and
information service provider in Ontario and Québec. The Corporation currently
delivers a full range of communications services, including high-speed and
dial-up Internet access, Web applications, digital television distribution,
and superior customer service to both the business and residential markets.
Look's shares are listed on the TSX Venture Exchange under the symbols "LOK"
for Multiple Voting Shares and "LOK.A" for Subordinate Voting Shares. Look's
website may be found at www.look.ca.

    The corporate information contained in this release includes
forward-looking statements regarding future events and the future performance
of Look that involve risks and uncertainties that could cause actual results
to differ materially. Assumptions used in the preparation of such information,
although considered reasonable by Look at the time of preparation, may prove
to be incorrect. The actual results achieved may vary from the information
provided herein and the variations may be material. Consequently, there is no
representation by Look that actual results achieved will be the same in whole
or in part as those forecasts.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00013414E




For further information:

For further information: Peter Block, Investor and Media Relations,
investorinfo@look.ca, (403) 531-0331, (416) 586-0180

Organization Profile

Look Communications Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890