Stock Symbol: ICH
MONTREAL, May 20 /CNW Telbec/ - Intercable ICH inc. (Intercable), a
Canadian telecommunications company that seeks broadband telecommunications
opportunities in the international market, is providing its first biweekly
Default Status Report under National Policy 12-203 - Cease Trade Orders for
Continuous Disclosure Defaults ("NP 12-203"). On May 4, 2009, Intercable
announced that its audited annual financial statements, management discussion
and analysis ("MD&A") and CEO and CFO certifications for the year ended
December 31, 2008 would not be released as required by April 30, 2009.
In accordance with NP 12-203 and as previously announced, 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,
related MD&A and CEO and CFO certifications are not filed (the "Management
Cease Trade Order").
Discussions are still ongoing with the objective to complete, in the
short term, the planned private placement previously announced of 6 million
Euros. Intercable still anticipates that the release of the annual financial
statements, related MD&A and CEO and CFO certifications will occur no later
than June 8, 2009.
Intercable reports that since announcing the Management Cease Trade Order
of May 4, 2009, there have not been any material changes to the information
contained therein; nor any failure by Intercable to fulfill its intentions as
stated therein with respect to satisfying the provisions of the alternative
information guidelines, and there are no additional defaults or anticipated
defaults subsequent to such announcement. Further, there have been no
additional material changes respecting Intercable and its affairs. Intercable
intends to file, if required, its next Default Status Report by June 3, 2009.
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,
(450) 582-7953, firstname.lastname@example.org; Serge Dupuis, Officer Chief
Financial Officer, (514) 904-0163, email@example.com