OCTOBER 14, 1997
Channel i Canada Inc.: Announcements
MONTREAL, QUEBEC--David Amsel, President of Channel i Canada Inc.
(the "Corporation"), is pleased to make the following
announcements:
In its news release dated September 25, 1997 the Corporation
announced negotiations were underway with a private management
group. These negotiations were designed to bring additional
management resources to the Corporation, as well as to provide
access to technology complementary to the Corporation's Channel i
Internet local content package and set-top box technology and
launch an immediate marketing program.
The Corporation is pleased to announce that these negotiations
have resulted in the signing of a Letter of Intent for a Joint
Venture agreement with UNIVIRTUEL Multimedia and Interconnectivity
Inc. ("UNIVIRTUEL") of Bromont, Quebec. UNIVIRTUEL is a rapidly
growing Quebec multimedia company. A final agreement is expected
to be reached within a few days, at which time full details will
be released.
As part of the reorganisation process Mr. Amsel also announced the
following board and management changes:
Ivan Thornley-Hall, who recently joined the board on an interim
basis to facilitate the Corporation's reorganisation, has resigned
and is replaced by Guy Desautels. Mr. Desautels is a principal
and a founder of UNIVIRTUEL and will also serve as Chief Operating
Officer of Channel i Canada Inc. Mr. Desautels is an MBA,
graduated from the University of Sherbrooke, and has held various
executive positions involved in corporate planning for large
corporations in telecommunications and high technology.
In addition, Federico Montanaro has been appointed as a director
of the Corporation. Mr. Montanaro's background is in merchant
banking and as such he will be responsible for the capital needs
of the Joint Venture.
The board of directors of the Corporation now consists of David
Amsel, Colin James, Federico Montanaro and Guy Desautels.
Lastly, as a consequence of an ongoing review of corporate
operations, Mr. Amsel announced that the agency agreement with
WaveRider Communications Inc. has been terminated. The
Corporation plans to employ wireless products in its own
activities, but will not be acting as a sales agent to third
parties.
Issued and outstanding capitalization as at October 10, 1997:
51,040,721 shares
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FOR FURTHER INFORMATION PLEASE CONTACT:
Channel i Canada Inc.
David Amsel
(514) 874-9882
(514) 879-8375 (FAX) |
