Stock Symbol: ICH
MONTREAL, May 4 /CNW Telbec/ - Intercable ICH inc. (Intercable), a
Canadian telecommunications company that seeks broadband telecommunications
opportunities in the international market, announced today that its audited
annual financial statements, management discussion and analysis ("MD&A") and
CEO and CFO certifications for the year ended December 31, 2008 have not been
released as scheduled on April 30, 2009. It is now anticipated that the
release of these documents will occur no later than June 8, 2009.
In announcing the delay, Mr. Guy Laflamme, President and Chief Executive
Officer of Intercable, indicated "Since March 2009, Intercable has been
focusing all its human resources to complete a financing as soon as possible
and has not been in a position to devote human resources on the preparation of
its 2008 annual documents, nor that the company had the necessary financial
resources to hire its auditors to begin their audit of the annual financial
statements as at December 31, 2008. As announced on April 29, 2009, we have
completed the execution of the previously announced 13 million Euros debt
facility. We now have the necessary financial and human resources to address
the default in a timely manner."
As a result of the delay, Intercable has voluntarily requested that the
Autorité des marchés financiers and other Canadian securities regulatory
authorities issue a temporary order that prohibits certain directors, officers
and insiders of Intercable from trading in securities of Intercable for as
long as the annual financial statements, MD&A and related certifications are
not filed. The issuance of such management cease-trade order does not
generally affect the ability of persons who have not been directors, officers
or insiders of Intercable to trade in their securities.
Intercable intends to provide information in accordance with National
Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with
respect to further developments on this matter promptly following their
occurrence, including the issuance of bi-weekly status update reports until
such time as the annual disclosure documentation is issued and filed.
Intercable is a Canadian telecommunications corporation that seeks
broadband telecommunications opportunities in the international market.
Intercable's business strategy is to focus on underserved telecommunications
and cable markets by building and operating its own broadband networks using
state-of-the-art technology capable of offering cable television, high-speed
Internet and telephony services at a low cost and with high service quality.
Intercable targets markets with (i) limited or no cable service; (ii)
feasibility of aerial cable construction; and (iii) stable political
environments. Management believes that Reunion Island currently represents the
most significant growth opportunity for Intercable.
Neither 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 press release.
This press release contains forward-looking statements that are subject
to known and unknown risks and uncertainties that could cause actual results
to vary materially from targeted results. Such risks and uncertainties include
those described in Intercable's annual information form dated July 8, 2008 or
in the filings made by Intercable from time to time with securities
regulators. Intercable undertakes no obligation to publicly release the result
of any revision of these forward-looking statements to reflect events or
circumstances after the date they are made or to reflect the occurrence of
For further information:
For further information: please visit the company's website at
www.intercable.ca or contact: Guy Laflamme, President and Chief Executive
Officer, (450) 582-7953, email@example.com; Serge Dupuis, Chief
Financial Officer, (514) 904-0163, firstname.lastname@example.org