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Technology Stocks : Internet Direct Best Bargain On the Internet IDX on VSE -- Ignore unavailable to you. Want to Upgrade?

To: HubTech who wrote (98)	10/25/1999 10:08:00 AM
From: Jim P	Read Replies (2) \| Respond to of 102

SHAREHOLDERS APPROVE LOOK COMMUNICATIONS AND INTERNET DIRECT MERGER Toronto, Ontario - October 25, 1999 - Look Communications Inc. and I.D. Internet Direct Ltd. (VSE: IDX) announced today that Internet Direct shareholders have approved the amalgamation of their two companies. The announcement was made today by Michael Cytrynbaum, proposed Chairman for the newly merged company. Look shareholders have also approved the amalgamation. Closing of the merger is expected on October 31. The limited voting shares of the merged company will commence trading on November 1, 1999 under the name Look Communications Inc. (VSE :LKC). The former shareholders of Look will hold approximately 60% and the former shareholders of I.D. Internet Direct will hold approximately 40% equity in the new company. The board of directors in the new company will include two representatives of I.D. Internet Direct, five representatives of a company held by Telesytem Ltd. and Teleglobe Inc., and two independent directors. Look and Internet Direct first announced their intention to merge their operations last May. The new company, to operate under the name Look Communications Inc., will take advantage of Look's broadband Multipoint Distribution System (MDS) infrastructure and I.D. Internet Direct's IP-based network experience and customer base to market high-speed data transmission services and offer their customers a one-stop-shop of communications services including high-speed data services, TV broadcasting, Internet access and Web-related services. About I.D. Internet Direct Ltd. Internet Direct Ltd. provides a full spectrum of Internet solutions to customers in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec. Headquartered in Toronto, I.D. Internet Direct is the largest independent Internet Service Provider in Canada, serving over 150,000 subscribers and businesses through 31 local access points nationally. About Look Communications Inc. Look Communications is a new competitor in the broadcast distribution industry, providing digital entertainment services in Quebec and Ontario through MDS technology also known as wireless cable. The Canadian Radio-television and Telecommunications Commission (CRTC) awarded Look Communications a broadcast distribution license for Southern Ontario in August 1997, and for Eastern Ontario and Quebec in February 1998. Look's services are currently accessible to approximately 4 million households in the London to Quebec City corridor. Look Communications is a Canadian company whose principal shareholders are Telesystem Ltd., Teleglobe Inc., CTV Inc., Covington Wireless Communications (Ontario) Ltd. and GTC Transcontinental Group Ltd. -30- For more information, or to arrange a media interview, please contact: Nancy Eskin/Dan Bobbie DBA Communications (416) 591-7783 ext 106/107 neskin@pathcom.com/bobbie@pathcom.com In Quebec: Francyne Morin Look Communications (514) 526-6645 ext 240 fmorin@quebec.look.ca For Investor Relations, please contact: Gordon Campbell I.D. Internet Direct Ltd. (888) 439-2897 netgains@direct.ca