TELUS welcomes Mobilicity debtholder vote in favour of acquisition
VANCOUVER, May 23, 2013 /CNW/ - TELUS welcomes today's vote by Mobilicity's
debtholders in favour of the company's acquisition by TELUS.
"Today's positive vote is an important step on the road to allowing TELUS to
sustain service for Mobilicity's quarter-million customers and preserve the
jobs of their 150 employees without a disruption caused by their current
financial challenges," said David Fuller, TELUS Chief Marketing Officer.
TELUS and Mobilicity announced May 16 that TELUS had agreed to acquire the
company for $380 million, subject to approval from the company's debtholders,
the court, the Competition Bureau, and Industry Canada. Earlier today,
Mobilicity announced its debtholders voted in favour of the transaction.
Mobilicity has begun proceedings in the Ontario Superior Court of Justice to
obtain approval for a plan of arrangement under the Canadian Business
Corporations Act. Now that debtholders have voted in favour of the plan, TELUS
and Mobilicity will seek court approval of a transaction that will see
Mobilicity emerge as a wholly-owned subsidiary of TELUS.
TELUS and Mobilicity are seeking expeditious legal and regulatory reviews due
to the current financial circumstances Mobilicity is facing.
Caution Regarding Forward Looking Statements
This news release contains statements about expected future events of TELUS
that are forward-looking. By their nature, forward-looking statements require
the Company to make assumptions and predictions and are subject to inherent
risks and uncertainties. There can be no assurance that the associated
benefits for TELUS shareholders of the acquisition will be realized, or that
the expected regulatory and court approvals will be obtained. There is
significant risk that the forward-looking statements will not prove to be
accurate. Readers are cautioned not to place undue reliance on forward-looking
statements as a number of factors could cause actual future events to differ
materially from that expressed in the forward-looking statements. Except as
required by law, TELUS disclaims any intention or obligation to update or
revise forward-looking statements.
TELUS (TSX: T, NYSE: TU) is a leading national telecommunications company in
Canada, with $11 billion of annual revenue and 13.2million customer
connections, including 7.7million wireless subscribers, 3.4million
wireline network access lines, 1.4million Internet subscribers and 712,000
TELUS TV customers. Led since 2000 by President and CEO, Darren Entwistle,
TELUS provides a wide range of communications products and services, including
wireless, data, Internet protocol (IP), voice, television, entertainment and
In support of our philosophy to give where we live, TELUS, our team members
and retirees have contributed more than $300million to charitable and
not-for-profit organizations and volunteered 4.8million hours of service to
local communities since 2000. Fourteen TELUS Community Boards lead TELUS'
local philanthropic initiatives. TELUS was honoured to be named the most
outstanding philanthropic corporation globally for 2010 by the Association of
Fundraising Professionals, becoming the first Canadian company to receive this
prestigious international recognition.
For more information about TELUS, please visit telus.com.
TELUS: Shawn Hall TELUS Social and Media Relations 604-695-6500
Robert Mitchell TELUS Investor Relations 647-837-1606 firstname.lastname@example.org
SOURCE: TELUS Corporation
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-0- May/23/2013 16:24 GMT
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