TORONTO and MONTREAL, Feb. 25 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) today held its Annual Meeting
of Shareholders in Toronto.
Gerald McGoey, Look's Vice Chairman and CEO, provided a recap of the
sales process pursuant to the Plan of Arrangement approved by the Ontario
Superior Court of Justice on January 21, 2009. Mr. McGoey said that if any
agreement or agreements are executed with one or more purchasers for Look's
assets, the Corporation will seek a Final Approval Order from the Court to
approve any transactions. Such transactions may be subject to various
regulatory approvals, though no other shareholder approvals are necessary for
any asset sale.
Other business at the meeting included the re-election of Michael
Cytrynbaum, Scott Colbran, Stuart Smith, Gerald T. McGoey and Louis Mitrovich
as Directors of the Corporation and the re-appointment of KPMG LLP as the
Corporation's auditor for the 2009 fiscal year.
The Corporation also announced that pursuant to the standard arrangements
disclosed in the Management Information Circular, options were granted to the
directors of the Corporation exercisable for an aggregate of 310,625
Subordinate Voting Shares. All of the options have an exercise price of $0.245
per share and are exercisable for a period of 10 years. All options are vested
50% immediately, 25% after one year and 25% after two years.
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 has been to be an M(3) - Mobile Multi Media -
communications, 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, digital television
distribution, and superior customer service to both the business and
residential markets. The Corporation provides its digital television
distribution and wireless Internet services using its approximately 100 MHz of
Multipoint Distribution System spectrum in the 2.5 to 2.7 GHz frequency band
covering approximately 18 million people (1.8 billion MHz/Pops) in the
provinces of Ontario and Quebec. 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.
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.
For further information:
For further information: Peter Block, Investor and Media Relations,
email@example.com, (647) 259-3284