Intercable ICH inc. announces its results for the fiscal year 2008

    TSX Venture Symbol: ICH

    MONTREAL, May 28 /CNW Telbec/ - Intercable ICH inc. (Intercable), a
Canadian telecommunication company that seeks broadband telecommunication
opportunities in the international market, announced today its financial
results for the fiscal year ended December 31, 2008. The financial statements
are available at

    Financial Highlights for the fiscal year 2008:

    - Operating revenue of $53,387 for the year, compared to Nil in 2007;
    - Operating loss before amortization reached $5,179,926 for the year,
      compared to $1,175,494 for 2007;
    - Net loss of $9,012,700, or $0.36 per share, for the year compared to
      $832,842, or $0.04 per share, for 2007;
    - Additional capital investments totalling more than $13 million for the
      construction of the very high speed telecommunication network in
      Reunion Island;
    - Conclusion of bridge financing totalling 3 million Euros (approximately
      $5.1 million);
    - Conclusion of a debt facility of up to 13 million Euros (approximately
      $20.8 million) subsequently to year-end.

    Operating highlights:

    - Commercial launch of the television Internet and telephony services in
      the second quarter of 2008 under the commercial brand "ZEOP";
    - More than 12,000 homes passed (cabled or under construction) as of
      December 31, 2008;
    - 547 customers as of December 31, 2008 and 285 awaiting connection,
      representing an effective 19.5% penetration rate over the number of
      connectable homes;
    - Average of 1.8 revenue generating units per customer;
    - Network redeployment in overhead sectors pending resolution of conflict
      with France Telecom.

    Guy Laflamme, President and CEO, commented: "2008 was a difficult year.
The network deployment in Reunion Island and the commercial launch have been
delayed due to a conflict related to the access of France Telecom's
underground infrastructure and to delays in obtaining long-term financing. Our
network teams demonstrated great flexibility and promptness in reviewing
network planning toward overhead sectors. We see 2009 with confidence as we
expect to rest on greater financial footing. We are confident to conclude the
6 million Euros private placement in shares announced recently".

                 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2008


    This MD&A should be read in conjunction with the Company's financial
statements and notes for the year ended December 31, 2008. The consolidated
financial statements have been prepared in accordance with Canadian Generally
Accepted Accounting Principles ("GAAP").


    Years ended December 31

    In Canadian dollars                                   2008          2007

    Operating revenues                                  53,387             -
    Operating expenses                               5,233,313     1,175,494
    Depreciation                                     3,955,790         2,029
    Operating loss                                   9,135,716     1,177,523
    Financial expenses                                 429,775        56,086
    Interest revenues                                 (129,249)     (322,378)
    Foreign exchange gain                             (423,542)      (78,389)
    Net loss                                         9,012,700       832,842
    Deficit, end of period                          11,201,368     2,188,668

    Net loss per basic and diluted shares                $0.36         $0.04

    The Company had operating revenues of $53,387 in fiscal 2008, earned from
subscription and installation revenues generated in the last three months of
the year. As of December 31, 2008, 547 customers were connected to the
Company's network. Throughout 2007 and up until September 30, 2008, the
Company was considered to be in a start-up phase for pre-operating revenue and
expense accounting purposes. During this period, it essentially planned its
operations, designed and built its cable system, set up its information,
customer service, supply management and management control systems, and
prepared and launched its marketing activities. Consequently, the Company
capitalized certain pre-operating expenses incurred prior to September 30,
2008 as deferred charges, including direct expenses, infrastructure leasing,
royalty costs and other recurring network expenses, and costs related to
setting up its customer service and marketing activities. These pre-operating
expenses totalled $751,394 in fiscal 2007 and $2,692,658 in fiscal 2008. These
amounts were written-off in 2008 as amortization of deferred charges.
    Operating expenses, including direct expenses, amounted to $5,233,313 in
fiscal 2008 compared to $1,175,494 in fiscal 2007. Direct expenses, which
represented costs directly related to the customer service offering, including
television programming and the leasing of overseas transmission capacity,
totalled $774,638 in fiscal 2008 compared to Nil in fiscal 2007. Aside from
the increase in direct expenses, the growth in operating expenses resulted
from higher salary expenses from the addition of personnel in the sales,
marketing, customer service, and finance and administration departments to
support Reunion Island operations, and increased professional fees related to
financing efforts and the France Telecom dispute. Furthermore, while operating
expenses for 2007 cover a 12-month period, the Reunion Island operations
essentially started in the third quarter of 2007.
    Amortization expense rose to $3,955,790 in fiscal 2008, up from $2,029 in
fiscal 2007. This increase was attributable to the write-off of deferred
pre-operating charges of $3,444,052 following adoption of CICA Handbook
Section 3064, "Goodwill and Intangible Assets", and a $516,019 increase in
depreciation of fixed assets and intangible assets, offset by the amortization
of deferred credits of $6,310 attributable to government assistance on certain
asset categories. The Company began amortizing its fixed and intangible assets
in Reunion Island in October 2008 to align the amortization expense with the
beginning of the operating revenue recognition for the year.
    The operating loss grew from $1,177,523 in fiscal 2007 to $9,135,716 in
fiscal 2008. This $7,958,193 increase was mainly due to higher operating and
amortization expenses.
    Financial expenses rose from $56,086 in fiscal 2007 to $429,775 in fiscal
2008, due to interest expense of $65,226 paid on the long-term debt stemming
from the capital lease, interest expense and issuance costs of $272,039 on the
bridge loans executed in 2008, and interest charged by a supplier of network
materials pursuant to a 14-month credit agreement.
    Interest income fell from $322,378 in fiscal 2007 to $129,249 in fiscal
2008 due to the progressive use of available cash during the course of 2008. A
foreign exchange gain of $423,542 in fiscal 2008 compared to $78,389 in fiscal
2007 resulted from the substantial appreciation of the euro against the
Canadian dollar between December 31, 2007 and the moment that the parent
company transferred the euro-denominated cash and cash equivalents to its
    The net loss for fiscal 2008 amounted to $9,012,700 or $0.36 per share,
compared to $832,842 or $0.04 per share for fiscal 2007. The Company does not
recognize the tax benefit arising from tax losses in its consolidated
financial statements (see Note 22 to the financial statements). As of December
31, 2008, the Company had Canadian federal tax losses of $2,401,000 and
provincial tax losses of $2,469,000 that can be used until 2028 to reduce its
taxable income in future years, and Reunion Island tax losses of $3,897,000
that can be used indefinitely to reduce taxable income in future years.


SOURCES A summary of cash flows is as follows: CASH FLOWS AND LIQUIDITY Years ended December 31 In Canadian dollars 2008 2007 ------------------------------------------------------------------------- ------------------------------------------------------------------------- (restated) Operating activities Cash flows from operations (5,039,558) (531,335) Changes in non-cash items related to operations 996,397 121,329 ------------------------------------------------------------------------- (4,043,161) (410,006) Investing activities (15,837,154) (6,789,957) Financing activities 6,870,208 19,862,816 Effect of currency translation on cash and cash equivalents 439,765 (446,279) ------------------------------------------------------------------------- Increase (decrease) in cash and cash equivalents (12,570,342) 12,216,574 Cash and cash equivalents, beginning of year 12,750,389 533,815 ------------------------------------------------------------------------- Cash and cash equivalents, end of year 180,046 12,750,389 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Operating Activities In fiscal 2008, the Company's operating activities used cash flows of $5,039,558 compared to $531,335 used in fiscal 2007, mainly due to the higher net loss in 2008. Changes in non-cash working capital items related to operating activities contributed $996,397 to cash flows in fiscal 2008 compared to $121,329 in fiscal 2007, primarily because of a substantial increase in accounts payable and accrued liabilities. Investing Activities Investing activities totalled $15,837,155 in fiscal 2008, up $9,047,198 from $6,789,957 the previous year. This increase was mainly attributable to the following factors: - Larger investment in the cable system, with complete or partial build- out to approximately 12,000 homes (including those subject to the France Telecom dispute), of which 4,257 were connectable as of December 31, 2008; - Higher capitalized overhead expenses and labour costs; - Increased purchases of inventory of network materials and tools to support future deployment; - Increased investment in vehicles and construction equipment; - Increased purchases of home terminal devices, including decoders and modern cables for existing and future customers; - Higher software and licensing expenses related to information systems and to the provision of services to subscribers; - Increased costs for certain euro-denominated fixed assets due to the appreciation of the euro against the Canadian dollar in 2008. Financing Activities Free cash flows, corresponding to the sum of cash flows from operating and investing activities, totalled $19,880,316 in fiscal 2008, compared to $7,199,963 in fiscal 2007. Free cash flows in fiscal 2008 were partly financed by $6,870,000 from financing activities, primarily consisting of $4,680,900 in bridge loans and $2,311,410 from changes in accounts payable and deferred credits related to fixed and intangible assets, counterbalanced by $122,102 repayment on the long-term debt pursuant to a capital lease. Cash inflows from accounts payable and deferred credits related to fixed and intangible assets were attributable to the increase in trade accounts payable, particularly pursuant to a 14-month credit agreement with a key network materials supplier. The remaining $5,700,135 in free cash flows was financed with the funds available at the beginning of the year. In fiscal 2007, the Company closed an initial public offering for proceeds of $18,898,422, net of issuance expenses. Net utilisation of cash and cash equivalents, taking into account the impact of the translation differences arising from the conversion of the accounts of the self-sustaining subsidiary, totalled $12,570,343 in fiscal 2008, compared to cash and cash equivalents generation of $12,216,574 in fiscal 2007. FINANCIAL POSITION Restatement of 2007 Financial Statements The following items on the balance sheet for the year ended December 31, 2007, were restated so as to conform to the Company's accounting policies: i) Fixed assets were increased by $730,471 and deferred charges were reduced by the same amount to reflect the capitalization of professional fees and labour costs directly related to network design and construction; ii) Intangible assets were increased by $362,598 and deferred charges were reduced by the same amount to reclassify certain telephony service licensing fees; iii) Contributed surplus was increased by $6,130,495 and capital stock decreased by the same amount to reflect the value of warrants issued pursuant to the initial public offering, for which no value had been attributed. Changes in Balance Sheet Items BALANCE SHEET HIGHLIGHTS As at December 31 In Canadian dollars 2008 2007 ------------------------------------------------------------------------- ------------------------------------------------------------------------- (restated) Cash and cash equivalents 180,046 12,750,389 Current assets 1,882,452 13,591,769 Fixed assets and intangible assets 22,157,099 7,108,876 Deferred charges - 751,394 Total assets 24,039,551 21,452,039 Bank indebtedness 5,113,800 - Other current liabilities 6,308,808 1,967,639 Long-term debt 1,130,730 1,071,447 Capital stock 14,143,029 14,143,029 Accumulated other comprehensive income (loss) 1,359,207 (446,279) Deficit (11,201,368) (2,188,668) Shareholders' equity 11,205,739 18,412,953 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Assets and liabilities underwent substantial changes in fiscal 2008. Current assets, which consist primarily of cash and cash equivalents and accounts receivable, fell by $11,709,317 in fiscal 2008. The $12,570,343 decrease in cash and cash equivalents was primarily related to operating and investment activities. The $1,124,270 increase in accounts receivable arose essentially from an increase in value-added taxes recoverable. The $15,048,223 increase in fixed and intangible assets was mainly due to greater investment in the cable system and in vehicles and construction equipment, and to the appreciation of the euro against the Canadian dollar. The $751,394 decline in deferred charges, consisting of pre-operating costs incurred in 2007, resulted from the write-off of these charges in fiscal 2008. As of December 31, 2008, the Company had total assets of $24,039,551 compared to $21,452,039 as of December 31, 2007. The Company's working capital deficit increased to $9,681,559 as of December 31, 2008. Current liabilities, excluding the current portion of the long-term debt, rose by $9,454,969, largely due to the $5,113,800 increase in bank indebtedness and the $4,304,434 increase in accounts payable and accrued liabilities. Bank indebtedness consisted of the bridge loans from Mauritius Commercial Bank Ltd. ("MCB"), a bank affiliated with MCB Equity Fund, a shareholder and insider of the Company. The Company entered into a 14-month credit agreement with a key supplier of network components, which carries interest at the six-month LIBOR rate plus a 4% premium, and is repayable in equal monthly instalments over a 12-month period. At December 31, 2008, the amount payable to this supplier under this agreement was $1,694,826. Due to its precarious cash situation in the fourth quarter of 2008, the Company also negotiated temporary payment deferral arrangements with some of its suppliers. This situation has since improved with the first drawdown on the debt facility entered into in April 2009 (see "Financing and Projected Cash Requirements"). The Company's long-term debt, which consists of the obligation arising from the capital lease maturing in 2012, amounted to $1,130,730 as of December 31, 2008, compared to $1,071,447 as at December 31, 2007. The $59,283 increase in the long-term debt resulted from the negative impact of an 18% increase in the euro against the Canadian dollar in fiscal 2008, offset by monthly principal instalments. The Company did not incur any new long-term debt in fiscal 2008. The increase of $268,836 in long-term deferred credits stems from a government assistance in Reunion Island in the form of an exemption from and recovery of the value-added tax on the purchase of certain classes of assets used in cable system construction. The deferred credit is amortized over 10 years, which is the estimated average life of the network materials and equipments. The decrease of $7,207,214 in shareholders' equity in fiscal 2008 resulted from the $9,012,700 net loss incurred in fiscal 2008, partially offset by an increase of $1,805,486 in accumulated other comprehensive income from the unrealized foreign exchange gain resulting from the appreciation of the euro against the Canadian dollar on the conversion of the net investment in the self-sustaining foreign subsidiary. Effect of the Exchange Rate The euro is the primary functional currency of the Company's business operations, defined as the main economic environment in which the Company generates income and incurs expenses. Consequently, the Company is exposed to the risk related to changes in the exchange rate, mainly in the value of the euro against the Canadian dollar. All euro-denominated assets and liabilities of self-sustained foreign subsidiary ICR were converted into Canadian dollars using the exchange rate in effect on December 31, 2008, i.e. $1.7046 per euro, compared to $1.4449 per euro on December 31, 2007. The average exchange rate used in 2008 to convert the subsidiary's revenues and expenses into Canadian dollars was $1.5603 per euro, compared to $1.469 per euro in 2007. Unrealized gains and losses arising from the conversion of the self-sustaining subsidiary's accounts are not taxed and are included in accumulated other comprehensive income, shown as a separate item under shareholders' equity. In fiscal 2008, the Company recognized an unrealized foreign exchange gain of $1,805,486 from the conversion of the net investment in the subsidiary, attributable to a rise of approximately 18% in the euro against the Canadian dollar. As at December 31, 2008, the balance of the unrealized foreign exchange gain stemming from the translation of the net investment in the subsidiary was $1,359,207, compared to an unrealized foreign exchange loss of $446,279 as of December 31, 2007. As an indication of the sensitivity to changes in the exchange rate, all other things being equal, an increase (decrease) of 5% in the value of the euro against the Canadian dollar at December 31, 2008, would have increased (decreased) other comprehensive income by about $640,000. FINANCING AND PROJECTED CASH REQUIREMENT On August 28, 2008, the Company entered into a fully secured bridge loan facility of (euro)3 million ($5.1 million) maturing on October 31, 2008, with MCB, which enabled it to pursue its activities and the deployment of its network and to discharge its short-term obligations. The bridge loan carries interest at the 3-month LIBOR rate plus a premium of 5% to 7%, is secured by a first-ranking charge on all the Company's assets, and must be repaid in priority from the proceeds of the next financing. The maturity of the bridge loan was successively extended to November 30, 2008, January 31, 2009 and June 30, 2009. As of December 31, 2008, all of the available funds from the bridge loan had been drawn down. On October 16, 2008, the Company filed a preliminary prospectus with the regulatory authorities of British Columbia, Alberta, Ontario and Quebec for a new offering of units. The offering consisted of subordinated debentures and common share purchase warrants. In the context of the financial crisis causing turmoil in the capital markets, the Company was unable to close this offering. On December 31, 2008, the Company entered into an additional bridge loan of (euro)1 million (approximately $1.7 million) from MCB. The additional loan matures on February 28, 2009, and was subject to essentially the same terms and conditions as the initial (euro)3 million bridge loan, plus a corporate security from two Company shareholders and insiders. The maturity of the additional bridge loan was later extended to June 30, 2009. No amount had been drawn under this bridge loan as at December 31, 2008. Financing obtained subsequent to year-end On March 3, 2009, the Company obtained an additional bridge loan of (euro)500,000 (approximately $800,000) maturing on May 31, 2009, later extended to June 30, 2009, on substantially the same terms and conditions as the (euro)1 million bridge loan entered into on December 31, 2008. On April 29, 2009, through its newly-created wholly-owned subsidiary, Intercable Africa Ltd. ("ICA"), the Company entered into a debt facility of up to (euro)13 million (approximately $20.8 million) with a group of lenders that included Absa Bank Limited (through its Absa Capital division) and MCB. The debt facility has a term of six years from the first drawdown, bears interest at a rate equal to the 6-month LIBOR plus 7% payable semi-annually and is secured by a first-rank security on all the shares of ICA held by the Company and all the assets of the Company's subsidiaries. Drawdowns under the debt facility are to be paid out in tranches of (euro)6 million, (euro)4 million and (euro)3 million in April, July and October 2009 respectively, subject to certain financial and operational covenants. The Company has met all conditions precedent to its (euro)6 million drawdown, which took place on April 29, 2009 and was used in part to repay a portion of the bank indebtedness. The Company may prepay any amount outstanding subject to a penalty equal to 2% of the outstanding amounts on the facility plus breakage costs, if any. The debt facility also provides for mandatory early repayment in certain circumstances, including the non-completion of the planned private placement on or before May 31, 2009, and is subject to a facility repayment fee at final repayment of the debt facility equal to 5.25% of the facility amount, payable through the issuance of shares of ICA at a deemed value of (euro)17.035 per share, or the equivalent of $0.35 per common share of ICH to achieve the same level of dilution. The terms of the private placement are described below. The facility agreement contains certain restrictive clauses, particularly with regard to the Company's activities and future financings. The first drawdown on the credit facility enabled the Company to repay a number of overdue supplier accounts and to order parts and network materials for future deployment. On February 5, 2009, the Company created ICA, a private limited company based in Mauritius, to facilitate the debt financing and the planned private equity offering. On March 19, 2009, all the ICR shares held by the Company were subject to a tax-free transfer agreement pursuant to which ICA acquired all the shares of ICR's capital stock from the Company in consideration of a 100% interest in the capital of ICA. Pursuant to the transfer, ICR became a wholly-owned subsidiary of ICA, which itself became a wholly-owned subsidiary of the Company. This transaction will not affect the Company's consolidation principles, particularly in terms of the currency conversion of the self-sustaining foreign subsidiary. ICA was also created to explore future broadband telecommunication network investment opportunities on the African continent. Planned Financing, Cash Requirements and Going Concern The Company is considering a private placement of (euro)6 million (approximately $9.6 million), in the form of subscriptions to common shares of the Company at a price of $0.35 per share and shares of ICA at a price of (euro)17.035 per share, equivalent to $0.35 per share of the Company. A warrant would also be issued for each share subscribed at the level of Intercable ICH at an exercise price of $1.50 per share. The warrants would be valid until April 4, 2010. Current shareholders and insiders of the Company would participate in the financing. This financing is subject to the usual closing conditions, including the obtaining of proper authorizations from the concerned parties and regulatory approval. There can be no assurance that the Company will be in a position to close this private placement under the terms and conditions described above or otherwise. To achieve its 2009 operational objectives and repay the bridge loan in accordance with the credit facility agreement, management estimates that the Company will need between (euro)20 and (euro)24 million ($32 and $40 million) in fiscal 2009. The conclusion of a (euro)13 million conditional debt financing in April 2009 and the planned (euro)6 million private placement will allow most of the cash requirements for fiscal 2009 to be met. Large capital investments will be required to continue deploying the network beyond 2009 and to finance the anticipated operating losses until a critical mass of subscribers is reached and positive cash flows are generated. According to the Company's financial forecasts, an additional (euro)17 to (euro)20 million ($26 to $32 million) will be required to achieve positive earnings before interest, income taxes and depreciation and amortization (EBITDA). The forecasts are based on assumptions that may differ from reality. Management plans to work closely with the Company's current shareholders and partners to make identifying new financing a priority for fiscal 2009. There can be no assurance that the Company will succeed in closing such financings. The Company's ability to pursue its activities therefore depends on its capacity to obtain additional financing in 2009 and on the ongoing support of its shareholders and suppliers. The consolidated financial statements have been prepared on a going-concern basis whereby the Company is assumed to be able to realize its assets and discharge its obligations and commitments in the normal course of operations. The financial statements have not been restated to reflect the assets and liabilities that would be required if the Company were unable to secure the financing required to pursue its activities. 2008 AND 2007 FOURTH QUARTER RESULTS The net loss for the fourth quarter of 2008 amounted to $6,755,518 or $0.27 per share compared to $659,497 or $0.03 per share for the same period of the previous year. The increase in the net loss was mainly due to the following factors: a) The Company was in the start-up phase in 2007 and capitalized its pre- operating costs as deferred charges; b) The fourth quarter results in 2008 were affected by the write-off in deferred pre-operating costs of 2007 and 2008 totalling $3,444,052; c) Overhead expenses were higher in the fourth quarter of 2008 due to the provision of services to some 500 customers, which entailed the leasing of overseas network transmission capacity, minimum guarantees under agreements with certain providers of television channels, higher salary expenses due to additional employees and the amortization of fixed and intangible assets; d) Professional fees were higher in the fourth quarter of 2008 due to financing efforts and the France Telecom dispute. Operating activities used cash flows of $3,004,908 in the fourth quarter of 2008, compared to cash flow generation of $808,464 in the fourth quarter of 2007. This change was mainly due to the increase in the operating loss before depreciation and amortization in the fourth quarter of 2008. Investment activities used $1,347,877 in cash flows in the fourth quarter of 2008, down from $5,420,058 in the same quarter a year earlier. The decrease reflected the large investments made in the Company's network headquarters, vehicles, heavy equipment and network parts in the last quarter of 2007 in preparation for the start of network construction in February 2008. In comparison, in the last quarter of 2008, the Company continued to deploy its system at a moderate pace due to its precarious cash position, maximizing the use of parts and materials in stock and postponing new orders from suppliers. Consequently, the Company used free cash flows of $4,352,785 in the fourth quarter of 2008 compared to $4,611,594 in the same period of 2007. In the fourth quarter of 2008, financing activities generated $3,549,531 in cash flows, stemming from a $2,580,760 increase in bridge loans and an increase of $1,000,626 in accounts payable and deferred credits related to fixed assets, offset by $31,855 repayments on the long-term debt. No financing activities took place in the fourth quarter of 2007. FORWARD-LOOKING STATEMENTS From time to time, we make forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario). We may make forward-looking statements in this document, other documents filed with Canadian regulatory authorities, reports to shareholders and a number of other communications. In particular, forward-looking statements are statements relating to the Company's business and expected performance. The words "may", "could", "should", "outlook", "believe", "forecast", "estimate", "plan", "expect", "intend", "objective" and the use of the conditional tense, as well as similar words and expressions, are intended to identify forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, that give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements, as a number of important factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. About Intercable Intercable is a Canadian telecommunication company that builds and operates a very high-speed network in the Reunion Island, a French overseas department. This international broadband telecommunication business opportunity is perfectly aligned with Intercable's strategy, which consists in focusing on underserved telecommunication and cable markets. To achieve its objective, Intercable is implementing its own broadband network using cutting-edge technology, which it operates in order to offer television services (basic, premium and on-demand), high-speed Internet services and quality telephone services. Intercable targets markets where (i) cable communication service is limited or non-existent, (ii) cables can be installed in aerial or within existing underground ducts and (iii) the political environment is stable. The TSX Venture Exchange has not reviewed this release and therefore does not accept responsibility for its adequacy or accuracy. 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 prospectus dated March 23, 2007 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 unanticipated events.

For further information:

For further information: please see the Intercable website at or contact: Guy Laflamme, President and Chief Executive
Officer, (450) 582-7953,; Serge Dupuis, Chief
Financial Officer, (514) 904-0163,

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