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Technology Stocks : V.LKC - Interactive TV, wireless ISP -- Ignore unavailable to you. Want to Upgrade?

To: bafan_57 who wrote (52)	12/4/2000 10:57:54 AM
From: Glenn Petersen	Respond to of 68

LKC restructures: toronto.internet.com Look Communications Fails to Secure Financing By Cindy Waxer In the fight for high-speed Internet access dominance, Look Communications Inc. has found itself fresh out of ammo. Unable to secure the financing needed to battle giants including Rogers Communications Inc. and Shaw Communications Inc., the Toronto-based company has withdrawn its public offering and plans to eliminate over 300 jobs, reducing Look's labor force to 550 employees. "We have dedicated significant time and energy over the last nine months to telling our story to the investment community and working to raise capital in the traditional ways. The reality is that current conditions in the equity and high yield debt markets have made it impossible for companies such as ours to secure financing. The market has clearly told us that it is not prepared to fund our current plans, so we have no choice but to change our business model," said David Parkes, president and chief executive officer of Look. As a result, Look will be restructuring its operations to reduce expenses and create a business model that will result in the company being cash-flow positive. Look has retained Scotia Capital to assist it in determining its strategic alternatives. These alternatives include the sale of certain key company assets. In the meantime, Look is seeking additional financing to fund its streamlined business plan. Look currently has $8 million (CDN) in cash and available credit. As part of the restructuring, Look will increasingly shift its focus to the small and medium sized business market. The company will continue to sell its wireless high-speed and DSL services to small and medium sized businesses and will continue to enhance and offer Web hosting, domain name registration and other related business services. December 4, 2000