TORONTO and MONTREAL, Nov. 30 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) today welcomed the Government
of Canada's new policy decisions regarding the May 2008 Advanced Wireless
Services ("AWS") spectrum auction of 105 MHz, announced on November 28, 2007.
Amongst other things, the Minister of Industry, Jim Prentice, announced
the following significant policy decisions:
1. Mandatory roaming provisions;
2. Mandatory antenna tower and site sharing;
3. Binding arbitration for commercial negotiations;
4. A set aside of 40 MHz of spectrum for new entrants; and
5. Minimum opening bids of over $500 million for all geographic areas.
The Corporation believes the new policy decisions will foster better and
more diverse services for consumers. In particular, the spectrum set aside,
mandated roaming and antenna tower and site sharing, coupled with binding
arbitration to conclude commercial agreements, are likely to encourage
increased competition and lower prices in Canada's wireless industry.
Look currently has the right to use approximately 90 MHz of MDS spectrum
in the 2.6 to 2.7 GHz mobile spectrum band, which together with its mobile
broadcast license, position the Corporation well for this growing wireless
market. Look is pleased with the introduction of the new policy decisions
announced by Industry Canada with respect to mandatory roaming and antenna
tower and site sharing in trading areas across all of Canada.
In light of these significant changes being introduced into the Canadian
wireless market, Look's Board of Directors, in conjunction with its financial
advisor Greenhill & Co., Canada Ltd., is currently reviewing all options in
order to maximize shareholder value.
About Look Communications Inc.
Look's mission is to be an M3 - 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