TORONTO, July 20 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (TSX Venture: LOK and LOK.A) today announced that its present Board of Directors will resign on July 21, 2010 prior to the opening of the market in a manner which could allow for the orderly transition of the present Board of Directors of the Corporation.
Immediately prior to the resignation of the present Board of Directors, the CEO of the Corporation advised the present Board of Directors of the Corporation that, pursuant to section 1.3 of the Management Services Agreement between the Corporation and Unique Broadband Systems, Inc. dated May 19, 2004, he was unwilling to serve as the CEO of the Corporation and would not continue in his capacity as CEO of the Corporation.
As a result of the decision of the present Board of Directors of the Corporation to resign, and the decision of the CEO not to continue as CEO of the Corporation, the CFO of the Corporation advised the present Board of Directors of the Corporation that he would not be continuing in his capacity as CFO and would cease to be an officer of the Corporation and any required notice period was thereby waived.
In order to permit the expeditious transition of the Corporation's Board of Directors, seriatim resolutions and resignations executed by the present Board of Directors were delivered to the counsel for the Board of Directors of UBS on July 20, 2010 to be effective on July 21, 2010, prior to the opening of the market.
As of the date of this press release, it is not known to the Corporation as to whether Messrs. Grant McCutcheon, Henry Eaton and Robert Ulicki will be willing to serve as directors of the Corporation by the time that the resignations of the current Board of Directors become effective.
About Look Communications Inc.
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 forecast.
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.
SOURCE Look Communications Inc.
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