TORONTO, Feb. 23 /CNW/ - Look Communications Inc. ("Look" or the "Corporation") (TSX Venture: LOK and LOK.A) reported on its Annual and Special Meeting of Shareholders, held today in Toronto.
Gerald McGoey, Look's Vice Chairman and CEO, reviewed the key corporate developments that have taken place over the past year, including the sale of Look's spectrum and broadcast license, before outlining Look's short-term strategy to maximize shareholder value. Look has approximately $360 million in tax assets and is working with BMO Capital Markets to monetize this asset. While this effort is underway, Look will invest its existing cash in short-term liquid investments, the income from which will be tax sheltered. The Corporation and its advisors are of the view that having tax assets together with the available cash enhances the potential of realizing greater value for the Corporation.
As events unfold, Look's Board of Directors is considering, among other things, a number of alternatives concerning the best methodology for the distribution of cash to shareholders.
Other business at the meeting included the re-election of Michael Cytrynbaum, Scott Colbran, Stuart Smith, Gerald McGoey and Louis Mitrovich as directors of the Corporation and the appointment of Grant Thornton LLP as the Corporation's auditor for the 2010 fiscal year. Also approved at the meeting was a change to the Corporation's By-Laws related to voting at Board of Directors' meetings.
About Look Communications Inc.
Look's shares are listed on the TSX Venture Exchange under the symbols "LOK" for Multiple Voting Shares and "LOK.A" for Subordinate Voting Shares. Look's website may be found at www.look.ca.
The corporate 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 forecast.
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.
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