Cable Satisfaction International Inc.: A Definitive Purchase and Sale Agreement for the Sale of its Subsidiary World Satellite Guadeloupe S.A. has Been Signed.MONTREAL--(BUSINESS WIRE)--Oct. 1, 1999-- Cable Satisfaction International Inc. (ME:CSQ CSQ Certificat de Sélection du Québec (Quebec selection certificate; immigration document) CSQ Carrier Squelch (radio, scanner) CSQ Customer Satisfaction Questionnaire .A.)(Csii) is pleased to announce that its wholly-owned subsidiary (2-Way) Communications Limited (2-Way) has signed a definitive purchase and sale agreement with, inter alia [Latin, Among other things.] A phrase used in Pleading to designate that a particular statute set out therein is only a part of the statute that is relevant to the facts of the lawsuit and not the entire statute. , Valvision Telecommunications B.V ("Valvision") for the sale of its subsidiary World Satellite Guadeloupe S.A. (WSG WSG Web Standards Group WSG Warsong Gulch (World of Warcraft; gaming) WSG Web Services Gateway (IBM) WSG Washington, Pennsylvania (Airport Code) ). The purchase price is US$ 48.65 million (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $71 million) in cash for all shareholders' interest in WSG. Through 2-Way, Csii holds, 55 % of WSG. Csii will receive net cash proceeds in excess of CDN$36 million. Csii anticipates that the closing will occur prior to the end of 1999. Csii will record a gain on sale of approximately CDN$25 million. Mr. Guy Laflamme, 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 Csii stated: "We are pleased to confirm the sale of WSG. This transaction represents a significant gain for our shareholders and demonstrates the ability of Csii to create value for its shareholders." Proceeds of this sale will be used to develop the cable television network in Portugal operated by Csii's subsidiary Cabovisao-Televisao por Cabo S.A. "We intend to focus our resources on the Portuguese market. The deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of Portugal's telephony market expected for January 1st , 2000 offers growth opportunities for Csii" added Mr. Laflamme. This Purchase and Sale Agreement is subject to customary conditions for this type of transaction, including among others, the approval of the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and of the Conseil superieur de l'Audiovisuel (France). Valvision owns the cable systems Valvision France and Martinique TV Cable. Valvision is part of the Innovative Communications Corporation, a group based in the U.S. Virgin Islands, and operates telephone, cable systems and other communications and financial companies. Jeffrey J. Prosser, Chairman, stated that: "We are pleased to add WSG to our French and Caribbean cable companies. We will be able to offer to Guadeloupe customers a broad and enhanced range of services utilizing our technology and content resources." Csii is a Canadian cable operator that builds and operates hybrid fibre optic and coaxial broadband networks in the international cable television and telecommunications markets through its subsidiaries. The subordinate voting shares of Csii are listed on the Montreal Exchange. Csii has made an application to list the subordinate voting shares on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . |
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