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Look Communications Reports on its Annual Meeting
Wednesday December 21, 3:57 pm ET
TORONTO and MONTREAL, Dec. 21 /CNW/ - Look Communications Inc. (TSX Venture: LOK.MV - News and LOK.SV - News) held its Annual Meeting of shareholders yesterday.
Shareholders re-elected Michael Cytrynbaum, Scott Colbran, Tim Casgrain, Stuart Smith, Gerald T. McGoey and Louis Mitrovich as Directors of the Corporation and approved the re-appointment of KPMG as the Company's auditor for the 2006 fiscal year.
In presenting a corporate overview, Gerald T. McGoey, CEO of Look, pointed out that the Company has been very successful at restructuring its existing operations, while preparing to launch an innovative new service. "By enhancing and simplifying our present fixed service offerings, we are positioning the Company to be able to offer our customers Mobile Multi Media services. The beta testing of our hand-held units has shown us the technological capability that has generated excitement for the potential of new services not presently available to customers in Canada. Mobile Multi Media offering mobile television and video services is now a reality in Europe and is in the process of happening here in North America."
The Company also announced that pursuant to the standard arrangements disclosed in the Management Information Circular, options were granted to the directors of the Company exercisable for an aggregate of 750,000 Subordinate Voting Shares. All of the options have an exercise price of $0.12 per share and are exercisable for a period of 10 years. All options are vested 50% immediately, 25% after year 1 and 25% after year 2.
Furthermore, the Company also announced that options were granted to the senior management of the Company exercisable for an aggregate of 150,000 Subordinate Voting Shares. All of the options have an exercise price of $0.12 per share and are exercisable for a period of 10 years. All options are vested 1/3 after year 1, 1/3 after year 2 and the remaining options after year 3.
About Look Communications Inc.
Look Communications' mission is to be a Mobile Multi Media entertainment and information service provider in Ontario and Québec. The Company is developing a Mobile Multi Media network and currently delivers a full range of communications services, including high-speed and dial-up Internet access, Web applications, digital television distribution and superior customer service to both the business and residential markets. Look shares are listed on the TSX Venture Exchange under the symbols "lok.sv and lok.mv".
For further information and interview requests, please contact: Michael Cytrynbaum, Executive Chairman of the Board, Look Communications, (514) 599-2629, michael@cytrynbaum.com
Source: Look Communications Inc. |
