LOOK COMMUNICATIONS ANNOUNCES ACQUISITION OF INTERPACIFIC ONLINE INC.
Toronto, Ontario, August 29, 2000 - Look Communications today announced that is has entered into a definitive purchase and sale agreement to acquire all assets of InterPacific Online Inc., an Internet service provider based in Richmond Hill, Ontario. InterPacific Online has over 7,300 residential and business subscribers.
The purchase price for InterPacific Online's assets will be partially payable in cash with the balance payable by the issuance of Limited Voting Shares of Look at a deemed price of $7.85. The transaction is subject to the final approval of the Canadian Venture Exchange.
"Acquiring independent Internet service providers is a key component of Look's growth strategy," says David Parkes, President and CEO, Look Communications. "We look forward to closing the InterPacific Online purchase agreement in the coming weeks so that we can begin providing Look's premium Internet service and solutions to a broader base of subscribers."
About Look Communications Inc.
Look Communications Inc. (CDNX: LKC) is a leading wireless broadband carrier, delivering a full spectrum of communications services including digital television distribution, high speed Internet access and Web-related services. Through its advanced MDS technology (Multipoint Distribution System), Look provides superior, digital entertainment services to homes across Quebec and Ontario. Look's Internet service, formerly known as Internet Direct, is available throughout Canada and has established itself as one of Canada's largest independent service providers offering both high speed and dial-up Internet access, in addition to other Web-based applications.
Look Communications is a Canadian company whose principal shareholders are Telesystem Ltd., Teleglobe Inc., Covington Wireless Communications (Ontario) Ltd. and GTC Transcontinental Group Ltd. The company is listed on the Canadian Venture Exchange under the symbol LKC
The corporate information contained in this release contains 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 will 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 forecast.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For media information, please contact:
Kristy Derkson or Deborah Wilson
(416) 591-7783 ext. 102 or 103