[Toronto] Look Communications, Inc. this week moved to acquire InterPacific Online Inc., an
Internet service provider based in Richmond Hill, Ontario.
InterPacific Online provides Internet access to more than 7,300 subscribers
in the region. It is a full service ISP that offers both residential and
business dial-up services, dedicated connectivity, ISDN access, and a
variety of Web services including Chinese Web design, and intranet development.
David Parkes, Look Communications president and chief
executive officer said it was actively seeking to purchase independent ISPs
in order to expand its customer base.
“Acquiring independent Internet service providers is a key component of
Look’s growth strategy,” Parkes said.
“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,” Parkes added.
InterPacific Online is one of a handful of Chinese-based Internet access
providers positioned among mainstream ISPs. It is the first official mirror
site that was recognized by the prominent television and radio station
owned by Hong Kong Government, Radio Television Hong Kong.
Look Communications is also a wireless broadband carrier, delivering a
variety of communications services including digital television
distribution, high-speed Internet access and Web-related services across
Quebec and Ontario.
Look’s Internet service, formerly known as Internet Direct, is available
throughout Canada and has established itself as one of the region’s largest
independent service providers offering both high speed and dial-up Internet
access, in addition to other Web-based applications.
The purchase price for the acquisition of InterPacific Online’s assets will
be partially payable in cash with the remaining balance funded by issuing
limited voting shares of Look for $7.85. The transaction is subject to the
final approval of the Canadian Venture Exchange.
The estimated total purchase price for the deal was not disclosed.
