BCI Closes Sale of Korean PCS Provider.Business Editors MONTREAL--(BUSINESS WIRE)--July 26, 2000 BCI BCI Bat Conservation International BCI Brain-Computer Interface BCI Business Continuity Institute BCI Business Cycle Indicators BCI Banco de Credito e Inversiones (Chilean bank) BCI Bell Canada International (Nasdaq:BCICF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BI.) * $1 billion net gain in 2 years * Five-fold increase in value of BCI's investment Bell Canada International Inc. ("BCI") today announced the closing of the agreement signed June 14, 2000 to sell its 21 % stake in the Korean PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. provider, Hansol M.com, to Korea Telecom. The transaction represents an approximate five-fold increase in the value of BCI's investment and a $1 billion net gain in 2 years. BCI has received gross proceeds in the form of cash, promissory notes and shares of SK Telecom, Korea's largest wireless operator, with an aggregate transaction value of Cdn$1.47 billion. The value received by BCI on closing reflects purchase price adjustments of approximately Cdn$187 million following the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. in consideration for the full and final settlement of key undertakings, representations and warranties. The purchaser, Korea Telecom, is the Government-controlled incumbent wireline operator. Korea Telecom also owns a 36 % controlling interest in Korea's second largest mobile operator (KT Freetel), as well as a 17.9 % stake in SK Telecom. Mr. Louis Tanguay, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BCI, stated, "During the past two years, BCI has worked with our partners to rapidly grow Hansol M.com and to move the company beyond the provision of mobile voice to data services. The sale of our stake in Hansol at this time seizes a very profitable market consolidation opportunity in Korea. The proceeds of sale will enhance BCI's ability to aggressively pursue and secure other growth and value creation opportunities in South America." BCI owns and develops advanced communications companies in markets outside Canada, with an increasing focus on South America. A subsidiary of BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Inc., Canada's largest communications company, BCI is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BI, and on the NASDAQ national market under the symbol BCICF. Visit our Web site at www.bci.ca. |
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