Clearnet Communications Inc. expects to execute definitive documentation on $85 million bank financing by Jan. 31, 1995.PICKERING, Ontario--(BUSINESS WIRE)--Dec. 1, 1994--Clearnet Communications Inc. Thursday announced that its wholly owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Clearnet Inc. has agreed with BT Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. (a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. Company, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) and Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). to extend the date by which the definitive documentation relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc their commitment to provide a Cdn. $85.0 million senior bank facility must be executed to Jan. 31, 1995. The parties had previously agreed to execute the definitive documentation by Nov. 30, 1994. Robert McFarlane, Vice President & Chief Financial Officer of Clearnet commented that, "Clearnet consented to the request from its bankers for an extension to complete the definitive documentation because the originally agreed to date of November 30, 1994 did not provide adequate time for Clearnet and its banks to properly conclude the definitive documentation. "Furthermore, given the recent closing of Clearnet's initial public offering and other equity placements totaling over Cdn. $121 million in October 1994, Clearnet does not have an immediate borrowing requirement, so an extension until after the holiday period was considered quite acceptable to Clearnet." Clearnet intends to use the bank financing and the proceeds of its recently completed initial public offering to fund the build-out of Canada's first fully integrated digital wireless network. Clearnet intends to complete full digital coverage of the Windsor through Quebec City corridor by the first quarter 1996 and will follow that up with coverage in Vancouver and lower mainland British Columbia and the Edmonton to Calgary, Alberta corridor. At such time, Clearnet's digital services will be available to over 17 million Canadians residing in 24 out of the 33 largest markets in the country. Clearnet is a Canadian controlled company and is constructing its new digital network utilizing Motorola technology. Once completed, the Clearnet network will, for the first time in Canada Canada is divided into six time zones and ranks third among countries with respect to number of time zones, after Russia (eleven) and the United States (nine). The province of Saskatchewan has a law making daylight saving time (DST) permanent (The Time Act, 1966 - Statutes of , integrate "cellular like" mobile telephone, text messaging (paging), dispatch (group calling) and mobile data all on one network, all accessible to users through just one handset. CONTACT: Robert McFarlane, 905/831-6222 INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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