Look Communications Acquires ISP
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[Toronto, CANADA] Look Communications has made a definitive purchase and sale agreement to acquire substantially all the assets of Internet Connect Inc., an Edmonton-based Internet service provider with more than 8,000 residential and business subscribers.
Look Communications is a wireless broadband carrier, delivering a full spectrum of communications services including digital television distribution, high speed Internet access, and Web-related services.
The transaction, which is subject to final approval by the Canadian Venture Exchange, will be payable partially in cash, partially by the assumption of liabilities, and the balance by issuing 357,142 Limited Voting Shares of Look.
"This will provide significant benefit to Internet Connect subscribers who will now have access to Look's wide range of customized Internet services, including dial-up Internet connections, Web site hosting, low-cost domain name registration, and e-commerce applications," said David Parkes, Look president and chief executive officer.
Look is a 50 percent partner in Inukshuk Internet.
Look Communications is a Canadian company whose principal shareholders are Telesystem Ltd., Teleglobe Inc., Covington Wireless Communications (Ontario) Ltd. and GTC Transcontinental Group Ltd.
It is listed on the Canadian Venture Exchange under the symbol LKC.