SHAREHOLDERS APPROVE LOOK COMMUNICATIONS AND
INTERNET DIRECT MERGER
Toronto, Ontario - October 25, 1999 - Look Communications Inc. and I.D.
Internet Direct Ltd. (VSE: IDX) announced today that Internet Direct
shareholders have approved the amalgamation of their two companies. The
announcement was made today by Michael Cytrynbaum, proposed Chairman for the
newly merged company. Look shareholders have also approved the
amalgamation. Closing of the merger is expected on October 31. The limited
voting shares of the merged company will commence trading on November 1,
1999 under the name Look Communications Inc. (VSE :LKC).
The former shareholders of Look will hold approximately 60% and the former
shareholders of I.D. Internet Direct will hold approximately 40% equity in
the new company. The board of directors in the new company will include two
representatives of I.D. Internet Direct, five representatives of a company
held by Telesytem Ltd. and Teleglobe Inc., and two independent directors.
Look and Internet Direct first announced their intention to merge their
operations last May. The new company, to operate under the name Look
Communications Inc., will take advantage of Look's broadband Multipoint
Distribution System (MDS) infrastructure and I.D. Internet Direct's IP-based
network experience and customer base to market high-speed data transmission
services and offer their customers a one-stop-shop of communications
services including high-speed data services, TV broadcasting, Internet
access and Web-related services.
About I.D. Internet Direct Ltd.
Internet Direct Ltd. provides a full spectrum of Internet solutions to
customers in the provinces of British Columbia, Alberta, Manitoba, Ontario
and Quebec. Headquartered in Toronto, I.D. Internet Direct is the largest
independent Internet Service Provider in Canada, serving over 150,000
subscribers and businesses through 31 local access points nationally.
About Look Communications Inc.
Look Communications is a new competitor in the broadcast distribution
industry, providing digital entertainment services in Quebec and Ontario
through MDS technology also known as wireless cable. The Canadian
Radio-television and Telecommunications Commission (CRTC) awarded Look
Communications a broadcast distribution license for Southern Ontario in
August 1997, and for Eastern Ontario and Quebec in February 1998. Look's
services are currently accessible to approximately 4 million households in
the London to Quebec City corridor. Look Communications is a Canadian
company whose principal shareholders are Telesystem Ltd., Teleglobe Inc.,
CTV Inc., Covington Wireless Communications (Ontario) Ltd. and GTC
Transcontinental Group Ltd.
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For more information, or to arrange a media interview, please contact:
Nancy Eskin/Dan Bobbie
DBA Communications
(416) 591-7783 ext 106/107
neskin@pathcom.com/bobbie@pathcom.com
In Quebec:
Francyne Morin
Look Communications
(514) 526-6645 ext 240
fmorin@quebec.look.ca
For Investor Relations, please contact:
Gordon Campbell
I.D. Internet Direct Ltd.
(888) 439-2897
netgains@direct.ca
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