VANCOUVER, May 28, 2013 /CNW/ - TELUS welcomes today's approval of its
acquisition of Mobilicity by the Ontario Superior Court of Justice.
"Following on last week's vote in favour of the proposal by Mobilicity's
debtholders, today's court decision takes us another important step closer to
completing this acquisition, which will allow TELUS to save the jobs of
Mobilicity's 150 employees and continue service for their 250,000 customers
without the disruption that company's current financial issues could cause,"
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. On May 23 Mobilicity
announced its debtholders voted in favour of the transaction. Today, the
Ontario Superior Court of Justice found the proposed acquisition can proceed
under the Canadian Business Corporations Act.
TELUS and Mobilicity are seeking expeditious regulatory review due to the
challenging 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
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/28/2013 16:39 GMT
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