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Monday January 10, 12:51 pm Eastern Time
Company Press Release
MDU Communications International, Inc. Announces US$5 Million Interim Financing
RICHMOND, British Columbia--(BUSINESS WIRE)--Jan. 10, 2000-- (OTC BB:MDTV - news)
Sheldon Nelson, CEO and Chairman of MDU Communications International, Inc. (OTC BB: MDTV - news) is pleased to announce the Company has engaged Haywood Securities Inc. to seek, on a best efforts basis, investors for a private placement of the Company's securities of up to US $5 million.
Sheldon Nelson explains: ``The financing partners that we choose will understand the growth potential of this sector and our time to market advantage. The Company will continue its growth strategy in the MDU (multi-dwelling unit) market through acquisitions and by adding additional services. The Canadian MDU market is a fraction of the size of the US and Asian MDU markets and having partners that understand our marketing strategy and its growth potential is only logical. We are continuing to develop the relationships necessary to ensure we have access to the capital we need to fulfill our objectives.' Senior management recently returned from a trip to New York and Boston where meetings were held with underwriters, brokers, investors and potential strategic partners in support of this objective.
The Company has terminated its prior agency agreement with Canaccord Capital Corporation.
About MDTV: MDU Communications International, Inc is the National Master System Operator for Star Choice Television, one of only two licensed providers of direct to home satellite broadcasting services in Canada. MDTV is one of the first to market and fastest growing providers of digital satellite television to the multi-dwelling unit market place in North America. The MDU market has over 30 million homes in North America alone. The Company has recently signed a Memorandum of Understanding with Antech (Hong Kong) Ltd. to form a joint venture company specifically created to supply digital television, high speed internet, local and long distance telephone and in suite security services to the Asia Pacific multi dwelling unit market. In addition, the Company recently signed a letter of intent respecting the purchase of Cirrinet Communications Inc., a supplier of broadband high speed Internet services to the multi dwelling unit market. Since September 1998, MDU has realized explosive growth and currently serves approximately 14,000 subscribers in 150 properties, and has an additional 300 buildings with signed letters of intent or access agreements, which could increase the subscriber base to over 50,000 in the next 12-18 months.
The Company's filings, including current financial reports, can be accessed through the EDGAR database at www.sec.gov. For additional information please see www.mduc.com or contact Investor Relations.
On behalf of the Board MDU Communications
``Sheldon Nelson' Sheldon Nelson Chief Executive Officer
Corporate Headquarters 108 - 11951 Hammersmith Way Richmond, BC, Canada, V7A 5H9 www.mduc.com
Investor Relations: Tel: (604) 277-8152?(800) 794-9076 Fax: (604) 277-8301 Investor@mduc.com
MDTV:OTC:BB CUSIP: 582 828 109 mduc.com
``Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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Contact:
Investor Relations:
Tel: 604/277-8152
800/794-9076
Fax: 604/277-8301 |
