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Microcap & Penny Stocks : MDU Communications Inc. - MDTV -- Ignore unavailable to you. Want to Upgrade?

To: scouser who wrote (939)	2/1/2000 11:37:00 AM
From: diddlysquatz	Read Replies (1) \| Respond to of 994

MDTV Closes US$7.725 Million Financing RICHMOND, B.C.--(BUSINESS WIRE)--Feb. 1, 2000--MDU Communications International, Inc. (OTCBB: MDTV - news) is pleased to report that its offering of Series A Convertible Preferred Stock was oversubscribed and the offering expanded to accommodate certain institutional investors. Under the terms of the private placement, MDTV will issue 3.09 million shares of Series A Convertible Preferred Stock at an issue price of US$2.50 per share for gross proceeds of the offering of US$7,725,000. The net proceeds of the offering will be added to the Company's working capital and allow the Company to expand its deployment of service in Canada and enter the US market. According to Mr. Nelson, ``there was significant investor demand, and even after cutting back many of the desired placements, we agreed with our Agent, Haywood Securities Inc., to increase the issue to facilitate quicker deployment of subscribers. It is our intention to accelerate the deployment of digital satellite and high speed broadband Internet services into our growing list of properties in Canada and move aggressively into the US.' 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. ``Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward looking statements relating to future events or the Company's future financial performance that involve risks and uncertainties. These forward-looking statements are only predictions and are not guarantees of future performance. Actual results could differ materially from those anticipated in these statements based upon a number of factors, including the Company's potential inability to deploy its services in Canada and the United States due to unforeseen future changes in technology, government regulation and consumer demand for its services. Other potential risks are those identified in the Company's SEC filing