VANCOUVER, British Columbia, Nov. 02, 2017 (GLOBE NEWSWIRE) -- Urban Communications Inc. (TSX-V:UBN) (“Urban” or the “Company”) announces that it has received a final order from the Supreme Court of British Columbia on November 2, 2017, approving the previously announced plan of arrangement (the “Arrangement”) involving Urban, ACME Communications Canada, Inc. (“ACME”) and the holders (“Shareholders”) of common shares (“Shares”), options and warrants of Urban (collectively, the “Securityholders”), pursuant to which ACME will acquire all of the issued and outstanding Shares. Pursuant to the Arrangement, Shareholders will receive, for each Share held, C$0.07 in cash.
The Arrangement required the approval of not less than 66⅔ of the votes cast by Securityholders present in person or represented by proxy at the special meeting of Securityholders held October 31, 2017 (the “Meeting”). Of votes cast at the Meeting, 99.85% of the Securityholders voted in favour of the special resolution approving the Arrangement.
The parties are concluding closing documentation in order to close the Arrangement, following which Urban will be delisted from the TSX Venture Exchange.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. one of the country’s first telecommunications company to deliver Gigabit Internet service to the home, provides a full suite of Internet, voice, video and broadband application products over its 300 km. state-of-the-art carrier grade fibre optic network in Metro Vancouver and Victoria to commercial, residential and public sector customers.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
URBAN CONTACT INFO:
Leslie E. Maerov
Chief Compliance Officer & General Counsel
Phone: (604) 439-8545
lemaerov@ubn.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Urban Communications Inc., certain information contained herein constitutes "forward-looking statements" as such term is used in applicable Canadian securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", 'intends", targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and 'could" in particular, statements related to the Arrangement and the expected completion thereof. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include, but are not limited to, risks related to being unable to close the Arrangement in the time frames indicated, failure to satisfy all conditions precedent to the Agreement including required Securityholder approvals, approval of the TSX-V and applicable regulatory authorities.
Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect otherwise.