Channel i Company Update
TORONTO, ONTARIO--Channel i Canada Inc. (the "Corporation")
announces that Mr. Andre Rancourt has resigned from the Board of
Directors and as President of the Corporation. Mr. Ivan
Thornley-Hall has been appointed a Director to fill the vacancy
created by Mr. Rancourt's resignation. Mr. Robert Clarke has
resigned from the Board of Directors, effective September 26,
1997. Mr. Clarke has agreed to remain with the Corporation on a
temporary basis to assist with general administrative matters.
The Board of Directors of the Corporation now consists of David
Amsel, Colin James, and Ivan Thomley-Hall. Mr. Amsel has been
appointed the new President of the Corporation pending the
appointment of a long-term replacement for Mr. Rancourt.
Mr. Amsel has been a Director of the Corporation since December,
1996 and is experienced in software engineering and financial
systems. He is currently employed by a communications, research
and development firm in Montreal as a specialist in Internet
financial applications, primarily in banking and investments.
Mr. Thornley-Hall is a lawyer in Toronto, having been called to
the bar in 1960. He has practised as a sole practitioner since
1975 and specialises in corporate, commercial and securities law.
Mr. Thornley-Hall is a director and senior officer of several
Ontario public companies.
As a consequence of these changes, the Corporation's directors are
reviewing alternatives for its continuing management and
development. Negotiations are underway with a private management
group which has recognised expertise in multimedia and web-site
development. If successful, these negotiations will bring
additional management resources to the Corporation, as well as
providing access to technology which is complementary to its
Channel i content package and set-top box technology. The
Corporation's objective is to conclude these negotiations in the
next few weeks.
Issued and outstanding capitalization as at September 24, 1997:
50,840,721 shares
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FOR FURTHER INFORMATION PLEASE CONTACT:
Channel i Canada Inc.
Colin G. James
(416) 860-1550
(416) 860-1580 (FAX)
INDUSTRY: CMT
SUBJECT: PER |
