Friday February 11, 7:02 pm Eastern Time
Company Press Release
MDTV Announces Board Changes And Appointments
RICHMOND, British Columbia--(BUSINESS WIRE)--(OTC BB:MDTV - news)
CUSIP: 582 828 109
MDU Communications International, Inc.: Mr. Sheldon Nelson, CEO of MDU Communications International, Inc. (''MDTV'' or the ''Company'') announces the appointment of Robert A. Biagioni, C.A. to the board of directors of the Company and its Canadian operating subsidiary, MDU Communications Inc. Mr. Biagioni has also been appointed Chief Financial Officer of both companies, in addition to his previously announced role as corporate secretary. Mr. Biagioni's appointments follow the resignation of Douglas Irving, C.A. as an officer and director of both companies.
MDTV also announces that John Mattice, C.A. has been appointed Vice President, Finance and Administration of MDU Communications Inc., filling the role previously head by Mr. Biagioni. Mr. Mattice is a chartered accountant with considerable experience in accounting, control and treasury functions with crown corporations in British Columbia. Mr. Mattice's last position was as CFO with a crown corporation managing a $500 million construction budget.
MDTV also announces it has closed two small private placements originating back to early December 1999. Closing was delayed due to the recent financing of $7.725 million Series A Convertible Preferred Shares. The placements were: 1. 125,000 common shares at US$0.80 per share for gross proceeds of US$100,000. 2. 699,999 units at US$0.75 per unit for gross proceeds of US$525,000. Each unit consists of one common share and one common share purchase warrant exercisable for 2 years at US$1.00 per share. All proceeds of the private placements were added to the company's working capital.
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 provides digital satellite television and high-speed (broadband) Internet access to the multi-dwelling unit (MDU) market place in Canada with expected immediate expansion into the US and Asia, along with new services in monitored security services and telephony. MDTV 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.
Corporate Headquarters 108 - 11951 Hammersmith Way Richmond, BC, Canada, V7A 5H9 www.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
Investor@mduc.com
www.mduc.com
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