BCI to Receive Telecom Americas' Interest in Canbras Communications.Business Editors & Technology Writers MONTREAL--(BUSINESS WIRE)--Jan. 23, 2002 In accordance with reporting requirements under applicable securities legislation, Bell Canada Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc., is a major Canadian telecommunications company. Through its subsidiaries including Bell Canada, Bell Aliant, Northwestel, Télébec, and NorthernTel, it is the incumbent local exchange carrier for International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BCICF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : BI.) ("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 ") today announced that it has reached an agreement with Telecom Americas Ltd. ("Telecom Americas") and its shareholders, pursuant to which companies to be controlled by BCI will hold 42,195,654 common shares (the "Common Shares") of Canbras Communications Corp. ("Canbras") through a reduction in Telecom Americas' share premium account. The value of BCI's effective interest in the Common Shares distributed pursuant to the reduction in capital represents in the aggregate approximately CAN$80,410,000 (or CAN$1.93 per Common Share distributed to BCI, reflecting an approximate 7% discount to the average closing price of Canbras' common shares over the last 20 trading days). This transaction is part of the Telecom Americas Reorganization Plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. announced on December 3, 2001. The closing of this transaction is subject to customary conditions and BCI expects to receive the Common Shares on or about February 7, 2002. Other than through its interest in Telecom Americas, BCI currently has no equity interest in Canbras. Upon the closing of this transaction, BCI will indirectly own or exercise control over 76.6% of the common shares of Canbras. Taking into consideration minority interests, BCI will hold an effective equity interest in Canbras of 75.6%. BCI owns and develops advanced communications companies in Latin 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. This news release may contain or refer to other communications that may contain certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements, and may contain words like "believe", "anticipate", "expect", "envisages", "will likely result", or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. INDUSTRY: CMT CMT Certified Medical Transcriptionist. CMT abbr. Certified Medical Transcriptionist CMT California mastitis test. SUBJECT: STK |
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