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Regional Closes Acquisition of 3 Cable Systems in Alberta
February 2, 1999
EDMONTON, AB and ST. JOHN'S, NF, Feb. 1
/CNW/ Regional
Cablesystems Inc. (''Regional'') announced
today that through its Edmonton-based
subsidiary, Regional Cable TV (Western) Inc.
(''Western''), that it has completed the
transactions to acquire all the issued and
outstanding shares of Prairie Cable TV Ltd.
(''Prairie''), Progressive Cable Television Ltd.
(''Progressive'') and Coronation Cable TV
Ltd. (''Coronation'')
The three systems, all located in central
Alberta, provide cable television service to
nearly 1,500 subscribers. Prairie serves
approximately 900 subscribers in the
community of Hanna, while Progressive and
Coronation provide cable television to
approximately 600 subscribers in the
communities of Consort and Coronation.
According to Company President, Brendan
Paddick, ''The purchase price of $1,500,000
was satisfied through a combination of
Regional's operating cash flow and the
Company's fully underwritten $175 million
revolving committed term facility.''
With the closing of the transactions
announced today, Regional Cablesystems
currently provides cable television service to
approximately 224,000 customers. The
Company, which is in the business of
operating cable television systems in
non-metropolitan markets, provides service
to a diverse customer base in British
Columbia, Alberta, Saskatchewan, Manitoba,
Ontario, Quebec and Newfoundland. The
Company operates divisional offices in
Edmonton, Sudbury, Montreal and St. John's.
Regional is a widely held public company
whose shares trade on the Toronto Stock
Exchange (Symbol: REG). The Company has
approximately 14.7 million issued and
outstanding common shares.
/For further information: Brendan Paddick,
President, Regional Cablesystems Inc., (709)
754-3775; Fred Hosker, Vice President,
Regional Cable TV (Western) Inc., (403)
440-2525/ (REG.)
[Copyright 1999, Canada Newswire] |
