Submission to Industry Minister endorses Federal Government initiative to show the world Canada is open for business
Stock Symbol: MBT
OTTAWA, Aug. 4 /CNW/ - In a submission filed with Industry Canada officials this week, MTS Allstream is making the case that competition is the best means of delivering the benefits of investment, innovation and choice to Canadian consumers and businesses as well as creating Canadian leadership in the digital economy. Canada's telecommunications sector is currently burdened by restrictions on global investment that present a barrier to competition and its benefits.
The Federal Government is in the process of reviewing options to achieve its commitment made in the Speech from the Throne to open up the telecommunications industry to greater global investment. This initiative has been recommended to the federal government on five separate occasions by government-appointed expert panels and Parliamentary Committees, most recently by the Competition Policy Review panel chaired by Red Wilson.
"This issue has been studied over and over, and the conclusion is always the same. Barriers to global investment in the Canadian telecommunications sector are holding back Canada's competitiveness and innovation, and only benefit a very small number of very large companies." said Chris Peirce, Chief Corporate Officer, MTS Allstream. "MTS Allstream applauds the Government's resolve to accept the advice it has received from expert panels, respected international authorities and our trading allies and act quickly to lift the restrictions and welcome more investment into Canada. It is a long overdue step, widely supported by the large majority of Canadians that will produce real, tangible benefits for Canadian business and consumers. And, to be clear, the option of merely raising the current limit by a couple of percentage points, favoured by those who enjoy the status quo, would not achieve the Government's stated goals and be of little value to Canada."
MTS Allstream's submission was provided as part of a consultation process undertaken by the Industry Minister. The submission highlights the challenges posed by the current, restrictive investment regime, and the benefits global investment could bring. The submission also summarizes the numerous prior occasions in which expert review has recommended these restrictions be removed. For more information on MTS Allstream's submission, please visit www.mtsallstream.com.
About MTS Allstream
MTS Allstream is a wholly-owned subsidiary of Manitoba Telecom Services Inc. As one of Canada's leading national communication solutions companies, MTS Allstream provides innovative communications for the way Canadians want to live and work today. The Company has more than 100 years of experience, with 6,000 employees across Canada dedicated to a mission of delivering true value as seen through the eyes of our customers. MTS Allstream has nearly two million total customer connections spanning business customers across Canada and residential consumers throughout the province of Manitoba. The Company's extensive national broadband and fibre optic network spans almost 30,000 kilometres. MTS Allstream is a proud sponsor of Cindy Klassen, 2006 World Champion and Canada's greatest Olympian, and a proud contributor to the Canadian Museum for Human Rights. Manitoba Telecom Services Inc.'s common shares are listed on Toronto Stock Exchange (trading symbol: MBT). Customers, stakeholders and investors who want to learn more about MTS Allstream are encouraged to visit: www.mtsallstream.com.
SOURCE MTS Allstream
For further information: For further information: Media: Greg Burch, MTS Allstream Corporate Communications, (416) 345-3576, (204) 612-1747, email@example.com; Investors: Paul Peters, MTS Allstream Investor Relations, (204) 941-6178, firstname.lastname@example.org