/NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES/
VANCOUVER, Dec. 9 /CNW/ - Multivision Communications Corp. ("Multivision",TSXV: MTV) announces that at a Special Meeting of Multivision, held on December 2nd, 2010, Multivision's shareholders approved the redemption of the Class A Convertible Redeemable Preferred Shares and the Class B Convertible Redeemable Preferred Shares (collectively, the "Preferred Shares") pursuant to the terms of a Preferred Share Redemption Agreement (the "Agreement") between Multivision and, Cristal Delaware LLC, 21st Century Communications T-E Partners, L.P., 21st Century Communications Foreign Partners, L.P., 21st Century Communications Partners, L.P., and Douglas E. Schimmel, (collectively, the "Preferred Shareholders"). In total, the Preferred Shareholders are the registered and beneficial owners of 7,081,060 Class A Preferred shares and 1,544,710 Class B Preferred shares.
Pursuant to the Agreement, Multivision will assign and transfer to the Preferred Shareholders all of the issued and outstanding shares of Multivision Investments Inc. ("MII"), a Barbadian wholly-owned subsidiary of Multivision, which indirectly owns Multivision S.A., Multivision's Bolivian operating corporation. The assignment and transfer of the MII shares will satisfy Multivision's obligations to the Preferred Shareholders to redeem the Preferred Shares. The MII shares will be allocated to the Preferred Shareholders pro rata to their holdings of Preferred Shares. The transaction is subject to regulatory approval and is expected to close by year-end.
In addition, Multivision's shareholders approved the continuation of Multivision from the jurisdiction of the Yukon to the jurisdiction of British Columbia and the consolidation of the Common Shares of Multivision.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: For further information:
Altaf Nazerali, President and CEO