[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
Look intends to offer high speed wireless Internet in the coming
months, as a
result of the national MCS license awarded to Inukshuk Internet
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.