CALGARY, July 25, 2013 /CNW/ - Axia NetMedia Corporation announces that its wholly-owned subsidiary, Axia NGNetworks Spain (Axia Spain), has entered into an amending agreement extending the closing date with respect to the previously announced sale of its 35% stake in Xarxa Oberta to its partner in the venture, Imagina Media Audiovisual (Imagina), for aggregate cash consideration of €5.3million (approximately CDN $7.1million) (the Transaction).
The Transaction is now expected to close on or before September 15, 2013, to facilitate receipt of approval by the Catalan regional government, the only outstanding condition to the completion of the Transaction. Upon receipt of such approval, the definitive share purchase agreement in respect of the Transaction will be executed.
Axia owns, operates and sells services over fibre optic communications infrastructure. Axia trades on the Toronto Stock Exchange under the symbol "AXX".
This News Release contains forward-looking statements, including, without limitation, statements containing the words "should", "believe", "anticipate", "may", "plan", "will", "continue", "intend", "expect", "estimate" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. These statements are based on our current expectations, estimates, forecasts and assumptions about the operating environment, economies and markets in which we operate and are subject to important assumptions, risks and uncertainties that are difficult to predict. Examples of these statements would include those where Axia forecasts its success and timing in winning new NGN business, the timing of completion and estimated total costs of our networks, the revenues and operating costs associated with these networks over time, and Axia's ability to generate future cash flows and avail itself of other financing alternatives given current market conditions. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, changes in customer markets, changes in demand for our services, our inability to deliver services in a timely and cost efficient manner, technological change, general economic conditions and other risks detailed from time to time in our ongoing filings with the Canadian securities regulatory authorities, including those in our Annual Information Form, which filings can be found at www.sedar.com. Given these assumptions, risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise.
SOURCE: Axia NetMedia Corporation
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