Urban Communications Inc. Announces Completion of Partial Sale of Network Assets to Rogers Communications
03 8월 2011 - 1:02AM
Marketwired
Urban Communications Inc. (TSX VENTURE: UBN) is pleased to announce
that the agreement to sell a portion of its network assets to
Rogers Communications Partnership has been completed. The agreement
was first announced on March 10, 2011. This transaction represents
a significant achievement by management to not only preserve value
for shareholders when the Company has been on the verge of
involuntary liquidation, but to also provide the foundation for
growth and profitability in the future.
Funds raised by the transaction will be used to eliminate
secured debt and to bring trade debt into current account and the
balance will be used for working capital. The Company's strategy
for the balance of 2011 is to immediately upgrade its electronic
capability and initiate an aggressive program to acquire commercial
and residential subscribers. Combined with the Company's fibre
optic delivery system that has breadth of coverage throughout metro
Vancouver and Victoria, the Company will provide industry best data
transfer speeds and superb entertainment products to a focussed
target market.
Management's objective is to create a predictable and ever
increasing rate of subscriber acquisition and profitability, and
when this begins to be reflected on published financial statements,
to increase both our market capitalization and stock liquidity. The
Company will provide the market with regular progress reports as
the sales initiative progresses.
Except for historical information contained herein, the
statements in this news release contain or may contain
forward-looking statements, such as statements regarding Urban
Communications Inc.'s future growth and profitability, growth
strategy and anticipated trends in the industries in which Urban
Communications Inc. operates. These forward-looking statements are
based on Urban Communications Inc.'s current expectations and are
subject to a number of risks, uncertainties and assumptions. Should
one or more of these risks or uncertainties materialize, or should
the underlying assumptions prove incorrect, actual results may
differ significantly from results expressed or implied in any
forward-looking statements made by Urban Communications Inc. in
this news release. These risks and uncertainties include, among
other things, raising significant investment capital, locating and
retaining senior technical and financial expertise, customer
loyalty, demand for services, market competition and other risks
detailed in documents filed with the TSX Venture Exchange or
British Columbia Securities Commission. Urban Communications Inc.
does not undertake any obligation to revise these forward-looking
statements to reflect future events or circumstances.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Urban Communications Inc. Leslie E. Maerov President
(604) 439-8545 ir@ubn.ca www.ubn.ca
Urban Communications Inc. (TSXV:UBN)
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