TORONTO and MONTREAL, April 30 /CNW/ - Look Communications Inc. ("Look"
or the "Corporation") (TSX Venture: LOK and LOK.A) announced today that it
intends to issue and deliver subordinate voting shares of the Corporation in
payment of interest due as of June 30, 2009 on its secured convertible
debentures then outstanding. The debentures were issued in February 2004
pursuant to the rights offering effected by the Corporation, in connection
with which a final prospectus was filed on January 16, 2004. This payment of
the interest on the debentures in subordinate voting shares of the Corporation
is subject to regulatory approval, including that of the TSX Venture Exchange.
The debentures bear interest at a rate of 7% per year and will mature in
2013. Interest on the debentures is due semi-annually in arrears, on June 30
and December 30 of each year. The record date for the interest payment is June
15, 2009. The number of subordinate voting shares to be issued and delivered
in payment of interest due will be determined by the Corporation in accordance
with the provisions of the secured trust indenture dated January 30, 2004,
pursuant to which the debentures were issued, and which was subsequently
amended on April 8, 2005.
The debentures are direct obligations of the Corporation and rank pari
passu with all other subordinated, secured obligations of the Corporation.
About Look Communications Inc.
Look's mission has been to be an M(3) - Mobile Multi Media -
communications, 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, digital television
distribution, and superior customer service to both the business and
residential markets. The Corporation provides its digital television
distribution and wireless Internet services using its approximately 100 MHz of
Multipoint Distribution System spectrum in the 2.5 to 2.7 GHz frequency band
covering approximately 18 million people (1.8 billion MHz/Pops) in the
provinces of Ontario and Quebec. 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.
Neither the 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 release.
For further information:
For further information: Peter Block, Investor and Media Relations,
firstname.lastname@example.org, (647) 259-3284