HALIFAX, Jan. 22, 2013 /CNW/ - Newfoundland Capital Corporation Limited
("the Company") announced today that its wholly-owned subsidiary,
Newcap Inc., is exploring the possible sale of its western broadcasting
assets which are located primarily in Alberta. The assets consist of
32 radio stations, 6 repeater licences and 2 TV stations.
The Company has a history of buying and selling businesses as a means to
create shareholder value. If the Company is able to reach an agreement
at a value the Company considers appropriate, the use of proceeds will
be determined by the Board of Directors in the best interests of the
Company and its shareholders. This may include reinvesting in
geographic areas closer to its base in Atlantic Canada, reducing debt
or returning capital to its shareholders.
"These broadcasting assets have a strong track record of earnings,"
commented Rob Steele, President and Chief Executive Officer. "This is
a great opportunity for potential buyers as this is the first time in
many years that a cohesive group of broadcasting assets has been for
sale in one concentrated area in one of Canada's most prosperous
Investors should be cautioned that there is no agreement in place to
sell these assets and there is no certainty that any transaction will
result from the current process.
About Newfoundland Capital Corporation Limited
Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 86 licences across Canada.
The Company reaches millions of listeners each week through a variety
of formats and is a recognized industry leader in radio programming,
sales and networking.
This press release contains forward looking statements. These
forward-looking statements are based on current expectations. The use
of terminology such as "expect", "intend", "anticipate", "believe",
"may", "will", "should", "would", "plan" and other similar terminology
relate to, but are not limited to, our objectives, goals, plans,
strategies, intentions, outlook and estimates. By their very nature,
these statements involve inherent risks and uncertainties, many of
which are beyond the Company's control, which could cause actual
results to differ materially from those expressed in such
forward-looking statements. As a result, there is no guarantee that any
forward-looking statements will materialize and readers are cautioned
not to place undue reliance on these statements. Unless otherwise
required by applicable securities laws, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. In particular, no transactions for the sale of assets or
otherwise have been agreed and such transactions may not occur or be
pursued. Further, no decision has been made by the Company on the use
of proceeds, if any.
SOURCE: NEWFOUNDLAND CAPITAL CORPORATION LIMITED
For further information:
For further information, contact: Robert G. Steele, President and Chief Executive Officer, Scott G.M. Weatherby, Chief Financial Officer and Corporate Secretary, Newfoundland Capital Corporation Limited, 745 Windmill Road, Dartmouth, Nova Scotia B3B 1C2, Tel: (902) 468-7557, Fax: (902) 468-7558, e-mail: email@example.com, Web: www.ncc.ca