Bell Canada International Inc.: Closing of Vesper Guarantees Settlement.Business Editors/High-Tech Writers MONTREAL--(BUSINESS WIRE)--Dec. 2, 2003 Pursuant to the agreement announced on September 23, 2003 among 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. ("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 "), Vesper S.A. and Vesper Sao Paulo S.A. (the "Vespers vespers (vĕs`pərz) [Lat.,=evening], in the Christian Church, principal evening office. In the Roman rite, vespers have consisted since the 6th cent. of a few prayers, five psalms, a lesson, the Magnificat, and an antiphon. "), the Vespers' majority shareholder QUALCOMM Incorporated ("QUALCOMM"), and a syndicate of the Vespers' Brazilian banks, BCI has now paid US$ 12 million in consideration for the absolute release of its obligation under guarantees provided to Vesper's Brazilian banks. At the same time, BCI disposed of its remaining 1.5% indirect equity interest in the Vespers for nominal consideration, and BCI and QUALCOMM provided each other with full releases with respect to all matters related to the Vespers. As a result of these transactions, BCI will record a gain of approximately $10 million in the fourth quarter of 2003. BCI is operating under a court supervised Plan of Arrangement, pursuant to which BCI intends to monetize its assets in an orderly fashion and resolve outstanding claims against it in an expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex manner with the ultimate objective of distributing the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to its shareholders and dissolving the 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 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 National Market under the symbol BCICF. Visit our Web site at www.bci.ca. Certain statements made in this press release describing BCI's intentions, expectations or predictions are forward-looking and are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. For additional information with respect to risk factors relevant to BCI, see the reports on Forms 6-K and 40-F filed by BCI with the United States Securities and Exchange Commission, as well as the Annual Information Form filed with Canadian securities commissions. BCI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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