TORONTO, Dec. 24, 2012 /CNW/ - Look Communications Inc. ("Look" or the "Company") (NEX: LOK.H and LOK.K) today announced that Grant McCutcheon has
resigned as a director of the Company. Mr. McCutcheon remains the Chief
Executive Officer of the Company. Mr. McCutcheon is also the Chief
Executive Officer of Unique Broadband Systems, Inc. ("UBS"). Mr. McCutcheon informed the Company that, given the initiatives
currently being undertaken at both companies, he believes that now
would be appropriate for him to resign from the Look board in order to
eliminate any potential or perceived conflicts of interest between his
role as a director of Look and as an officer of UBS, and so that he can
continue to serve effectively as the Chief Executive Officer of each
company under the direction of two independent boards.
Speaking on behalf of the Look board, Mr. David Rattee said: "In his
capacity as a director, Grant has been instrumental in fostering
effective corporate governance at Look, in protecting the value of
Look's remaining assets for the benefits of all of its shareholders and
in guiding the litigation that Look is pursuing against certain former
directors and officers. Grant has always been careful in ensuring that
his roles at both Look and UBS don't compromise the interests of either
company and, consistent with that objective, the Look board understands
and accepts his decision to resign as a director at this time. We look
forward to continuing to work with Grant in his role as Look's Chief
About Look Communications Inc.
Look's shares are listed on the NEX under the symbols "LOK.H" for
Multiple Voting Shares and "LOK.K" for Subordinate Voting Shares.
Look's website may be found at www.look.ca.
The information contained in this release includes forward-looking
statements regarding future events and the future performance of Look
that involve risks and uncertainties that could cause actual results to
differ materially. Assumptions used in the preparation of such
information, although considered reasonable by Look at the time of
preparation, may prove to be incorrect. The actual results achieved may
vary from the information provided herein and the variations may be
material. Consequently, there is no representation by Look that actual
results achieved will be the same in whole or in part as those
Neither the 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 release.
SOURCE: Look Communications Inc.