TORONTO and MONTREAL, Oct. 24 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) is pleased to announce that it
has executed an Asset Purchase Agreement (the "Agreement") with
Bluegenesis.com Corp. ("Bluegenesis") for the sale of its web hosting and
domain businesses. The Agreement calls for the following:
1. Consideration in the amount of approximately $3.8M Cdn paid to Look,
subject to potential post-closing adjustments, and;
2. A 40-month Shared Hosting Marketing and Licensing Agreement with
Bluegenesis whereby Look and Bluegenesis agree to jointly promote the
EasyHosting brand and share in the revenue generated therefrom.
"We are very pleased with the Agreement reached with Bluegenesis and we
look forward to working with them to grow the web hosting and domain
businesses", said Gerald T. McGoey, Vice-Chairman and CEO.
About Look Communications Inc.
Look's mission is to be an M(3) - Mobile Multi Media - information,
communication and entertainment service provider in Ontario and Québec. The
Corporation currently delivers a full range of 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.
Information regarding Look, Bluegenesis and the exact amount payable
under the agreements noted in this press release constitutes forward-looking
information within the meaning of securities laws. Implicit in this
information, particularly in respect of the amounts payable and the success of
any joint marketing efforts, are assumptions regarding quality of the assets
being transferred and projected revenue and expenses. Specifically we have
assumed that current levels of web hosting and domain business will remain
stable as will the quality of the accounts. These assumptions, although
considered reasonable by the Company at the time of preparation, may prove to
be incorrect. Readers are cautioned that actual future operating results and
economic performance of the Company are subject to a number of risks and
uncertainties, including general economic, market and business conditions and
could differ materially from what is currently expected as set out above.
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.
For further information:
For further information: Peter Block, Investor and Media Relations,
firstname.lastname@example.org, (647) 259-3284