CARIBBEAN UTILITIES COMPANY, LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK EXCHANGE (TRADING SYMBOL: CUP.U).
GRAND CAYMAN, Cayman Islands, March 30, 2012 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC") announced today that the Cayman Islands Information and Communication Technology Authority ("ICTA") has granted its wholly owned subsidiary, DataLink, Ltd ("DataLink"), a licence to provide fibre optic infrastructure in Grand Cayman.
CUC and DataLink have entered into management and maintenance, pole attachment and fibre optic agreements as approved by the Cayman Islands Electricity Regulatory Authority. The ICTA licence will now allow DataLink to assume full responsibility for the existing Pole Attachment Agreements and Optical Fiber Lease Agreement currently held by CUC with third party information and communications technology (ICT) service providers.
President and CEO of CUC Mr. Richard Hew said, "I am pleased that the licence has been granted as it will allow DataLink to provide access to fibre optic and other facilities on commercial terms to companies on the island, particularly those in the ICT sector. CUC has owned a fibre optic network since 2000 and, through DataLink, can now provide an additional service which will benefit both electricity and ICT consumers in Grand Cayman."
President and CEO of DataLink, Andrew Small, anticipates that the existing Pole Attachment Agreements and an Optical Fiber Lease Agreement will be assigned to DataLink in the near future. DataLink presently has a Pole Attachment and Optical Fiber arrangement with the Cayman Islands Government for their CCTV project and the recent grant of this Licence will benefit all stakeholders.
"There is tremendous potential for DataLink. Over the years, we have had a number of requests for access to this fibre optic network and I am very pleased that we are now in a position to make it available," Mr. Small said.
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"), on occasion, includes forward-looking statements in its media releases, Canadian securities regulatory authorities filings, shareholder reports and other communications. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plan", "believes", "estimates", "intends", "targets", "projects", "forecasts", "schedule", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". Forwardlooking statements are based on underlying assumptions and management's beliefs, estimates and opinions, and are subject to certain risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Such risks and uncertainties include but are not limited to operational, general economic, market and business conditions, regulatory developments and weather conditions. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. 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 except as required by law.
For further information:
Vice-President of Finance & C.F.O.
Phone: (345) 949-5200
Fax: (345) 949-4621