TORONTO, May 23, 2013 /CNW/ - Data & Audio-Visual Enterprises Holdings
Inc. and its affiliates (collectively, Mobilicity) today announced that debtholders approved the Acquisition Plan under
the terms of the Interim Order of the Ontario Superior Court of Justice
(Commercial List) dated Friday, April 26, 2013 (the TELUS Acquisition Plan). Under the TELUS Acquisition Plan, TELUS Corporation (TELUS) will
acquire Mobilicity as a going concern for a purchase price of $380
million, subject to a working capital adjustment. The TELUS
Acquisition Plan remains subject to satisfaction of certain conditions
precedent, which include court and regulatory approval. A hearing for
court approval of the TELUS Acquisition Plan has been scheduled for May
Stewart Lyons, Mobilicity President and Chief Operating Officer, said,
"We are pleased to have received the support of our debtholders for the
TELUS Acquisition Plan. This is a significant step towards final
approval of the Plan through which the business, combined with the
financial strength of TELUS, can be continued in a way that will
benefit our customers and employees."
If approved, the TELUS Acquisition Plan will ensure continued service to
Mobilicity's 250,000 customers without the risk of disruption and
provide the Company's employees with the potential for new
opportunities as part of a larger organization.
Mobilicity also announced that a vote on the Recapitalization Plan was
postponed to a date to be announced. Mobilicity plans to pursue an
alternative Recapitalization Plan only in the event that the TELUS
Acquisition Plan does not proceed. With the positive result of today's
debtholder vote, the TELUS Acquisition Plan remains the best way
forward for Mobilicity.
For more information on the TELUS Acquisition Plan and Recapitalization
Plan, please visit Mobilicity's website at www.mobilicity.ca/investorrelations.
About Mobilicity (DAVE Wireless):
Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE
Wireless), the company operated as Mobilicity. Mobilicity is a wireless
carrier that provides wireless telecommunication services to Canadians
in Toronto, Ottawa, Calgary, Edmonton and Vancouver. Further
information about Mobilicity can be found at www.mobilicity.ca.
For further information:
Sheryl Steinberg, Mobilicity, email@example.com, 647-707-7377
Joel Shaffer, Longview Communications Inc. at 416-649-8006