"MOBILE VOICE IS DEAD," CEO SUGGESTS
TORONTO and MONTREAL, Feb. 27 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) today held its Annual Meeting
of Shareholders in Milton, Ontario.
Shareholders heard the Corporation's assessment of some of the latest
domestic and international industry and government developments and what they
could mean to the Corporation.
Gerald McGoey, Vice Chairman and CEO, outlined the underlying assets of
the Corporation with its approximately 100 MHz of contiguous spectrum covering
about 18 million people in Ontario and Quebec, a mobile broadcast license, a
wireless network across Ontario and Quebec, subscribers and tax assets.
"As was the case with long distance becoming a commodity in the 1990s,
mobile voice is becoming a commodity, offered by service providers at
continually declining prices", said Mr. McGoey. He went on to say that "the
majority of wireless growth in the future will come from mobile data services
and voice will be just one of many applications. As a result, service
providers will need additional spectrum to provide the kind of data and video
services currently available in many countries around the world".
In his comments, Mr. McGoey also stated that he believed that a
"Consortium of Convenience" will result from the upcoming Canadian AWS
spectrum auction in May 2008. Regional mobile service providers will likely
have, at a minimum, informal arrangements for fully compatible network
designs, shared infrastructure and shared back office services resulting in
New Entrants having a "regional footprint with a National presence".
Mr. McGoey also provided a recap of the corporate repositioning of Look
over the past few years to enable Look to be an active participant in the
mobile multi media world. "We will continue to seek all opportunities to find
the appropriate operational and financial partners to move forward in this new
Other business at the meeting included shareholders re-electing Michael
Cytrynbaum, Scott Colbran, Stuart Smith, Gerald T. McGoey and Louis Mitrovich
as Directors of the Corporation and approved the re-appointment of KPMG LLP as
the Corporation's auditor for the 2008 fiscal year.
The presentations made at the Annual Meeting of Shareholders have been
posted on the Corporation's website at www.look.ca.
About Look Communications Inc.
Look's mission is to be an M(3) - Mobile Multi Media - entertainment and
information service provider in Ontario and Québec. The Corporation currently
delivers a full range of communications services, including high-speed and
dial-up Internet access, Web applications, digital television distribution,
and superior customer service to both the business and residential markets.
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 forecasts.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Peter Block, Investor and Media Relations,
firstname.lastname@example.org, (403) 531-0331, (416) 586-0180