Intercable ICH Inc. Announces its 2007 Year End Results
30 4월 2008 - 7:09AM
Marketwired
MONTREAL, QUEBEC (TSX VENTURE: ICH) is pleased to announce its
financial results for the year ended December 31, 2007. The
corporation's financial statements and Management Discussion and
Analysis are available on the website www.sedar.com.
2007 highlights :
- Closing of the initial public offering totalling
$22,000,000;
- Obtaining the title of "declarated operator" (operateur
declare) from the Autorite de Regulation des Communications
Electroniques et des Postes (ARCEP), the French telecommunications
authority having jurisdiction on Reunion Island telecommunications
market, to provide cable television, high-speed Internet and
telephony services in Reunion Island;
- Choice of the FTTC technology (fibre to the cell) for the set
up of the networks of the corporation;
- Conclusion of various agreements with the main programming
providers including, Group TF1, Group Lagardere Networks
International, Group M6 and Group AB;
- Moved into the technical plant of the corporation in Reunion
Island;
- Commencement of the build-out of the networks at Reunion
Island;
- Filing of a request pursuant to the tax assistance plan for
investments to overseas departments and collectivities; the
corporation's believes that the construction of its network of
telecommunications, including high-speed Internet services, falls
within the eligibility criteria of this plan.
"2007 was a turning point for us, and we are very proud of the
progress made during the year. We now have first class technology
and we have built a highly qualified team to put in place our
networks and start the commercialization of our services" said Guy
Laflamme, President and Chief Executive Officer of Intercable.
Financial Results
The corporation is currently concentrating all of its efforts on
implementing its development strategy, and has not generated any
revenue as of December 31, 2007. The results given below are based
on material information, and reflect the results for fiscal
2007.
Intercable's operating expenses for fiscal 2007 stood at
$1,155,220 compared with $89,857 for the period ended December 31,
2006. This increase is due to costs associated with the preparation
and establishment of the activities of the corporation at Reunion
Island, as well as to the increased work force required in order to
begin the commercialization of the corporation's services.
Over the course of the year, Intercable ordered certain critical
equipment and took the initial steps for the build-out of its
networks.
For fiscal 2007, net loss related to operating expenses totalled
$832,842, or a loss of $0.04 per share (basic and diluted) compared
to $82,905 for the period ended December 31, 2006.
As at December 31, 2007, Intercable had 24,850,002 common shares
issued and outstanding and $12,750,389 in cash and cash
equivalents. At the same date in 2006, the corporation had cash and
cash equivalents totalling $533,815.
New Director
Mr. Francois-Guy Richard has been appointed Director of the
corporation last March further to the resignation of Mr. Francois
St-Arnaud. Mr. Richard has been appointed by FODEX, Export
Development Fund, L.P. pursuant to the voting agreement executed
between the corporation and certain shareholders in April 2007. The
corporation wishes to thank Mr. St-Arnaud for his involvement as a
director of the corporation and welcome Mr. Richard. Mr. Richard is
the holder of a master degree in Finance and a master degree in
Economy. He has also received the title of Chartered Financial
Analyst (CFA). Mr. Richard is counsel to investments with
FODEX.
About Intercable
Intercable is a Canadian telecommunications company that seeks
broadband telecommunications opportunities in the international
market. Intercable's business strategy is to focus on underserved
telecommunications and cable markets by building and operating its
own broadband networks using state-of-the-art technology capable of
offering cable television, high-speed Internet and telephony
services, at a low cost and with high service quality. The Company
targets markets with i) limited or no cable service; ii)
feasibility of aerial cable construction; and iii) stable political
environments. Management believes that Reunion Island currently
represents the most significant growth opportunity for
Intercable.
This press release may contain forward-looking statements that
are subject to known and unknown risks and uncertainties that could
cause actual results to vary materially from targeted results. Such
risks and uncertainties include those described in Intercable's
prospectus dated March 23, 2007 or in the filings made by
Intercable from time to time with securities regulators. Intercable
undertakes no obligation to publicly release the result of any
revision of these forward-looking statements to reflect events or
circumstances after the date they are made or to reflect the
occurrence of unanticipated events.
The TSX Venture Exchange has not reviewed this release and
therefore does not accept responsibility for its adequacy or
accuracy.
Contacts: Intercable ICH Inc Guy Laflamme President and Chief
Executive Officer 450-582-7953 guylaflamme@intercable.ca.
www.intercable.ca
Intercable Ich Inc. (TSXV:ICH)
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