TORONTO and MONTREAL, Jan. 21 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) today announced that it has
received approval from the Ontario Superior Court of Justice to commence a
sales process for some or all, in whole or in part, of its assets. The Court
also appointed Grant Thornton Limited to work with Look's Board of Directors
and act as Monitor to conduct and manage the sales process.
"Last week, our shareholders overwhelmingly supported our approach to
maximizing value and today we received the Court's approval," said Gerald T.
McGoey, Vice Chairman and CEO of Look. "This is a very fast moving process and
we look forward to the Monitor actively canvassing the market for interest in
advance of the February 16, 2009 deadline for receiving sealed bids. We
believe the Corporation's assets will play an integral part in introducing the
next generation of mobile information, entertainment and communication
services in the Canadian market and that all of our stakeholders will benefit
from a transaction or series of transactions involving some or all, in whole
or in part, of our assets."
In accordance with the Sales Process Order, the Monitor will deliver a
detailed package of information to all interested parties. All bids must be
delivered to the Monitor by noon eastern time on February 16, 2009. After that
time, the Monitor, in consultation with Look's Board of Directors, will
consider all bids received, although there is no obligation on the part of
either the Monitor or the Corporation to recommend or accept any bid(s) or the
highest bid(s). Prior to the bid submission deadline, both the Monitor and the
Corporation are available to meet with interested parties in order to further
discuss the structure of any transaction or series of transactions as well as
to further explain any of Look's assets which include:
1. Spectrum - Approximately 100MHz of contiguous licensed spectrum in
Ontario and Quebec covering approximately 18 million people
(1.8 billion MHz/Pops);
2. Broadcast License - A Canadian Radio-television and
Telecommunications Commission ("CRTC") mobile broadcast license which
has been renewed by the CRTC to August 2011;
3. Subscribers - Approximately 30,000 broadcast and Internet
4. Network - A network consisting of two network operating centers
(Toronto, Ontario and Montreal, Quebec), 26 one-way broadcast sites
and 10 two-way broadcast sites; and
5. Tax Attributes - Approximately $300 million in tax attributes.
Once this sales process is completed and an agreement or agreements have
been executed with one or more purchasers for Look's assets, the Monitor and
the Corporation will seek a Final Approval Order from the Court to approve any
transactions, which could close as early as March 6, 2009. Such transactions
may be subject to various regulatory approvals, though no other shareholder
approvals are necessary for any asset sale.
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,
email@example.com, (647) 259-3284