VANCOUVER, British Columbia, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Urban Communications Inc. (TSX-V:UBN), is pleased to announce the completion of the previously announced arrangement agreement ("Arrangement") between Urban and ACME Communications Canada, Inc. ("ACME"). Preceding the completion ACME and its affiliated company Dr Peng Holding Canada Inc. ("Dr Peng") completed a vertical amalgamation pursuant to S. 185 of the Canada Business Corporations Act under the name Dr Peng Holding Canada, Inc. Urban has now become a wholly owned subsidiary of Dr Peng.
John Farlinger, Chief Executive Officer of Urban commented, "We are extremely appreciative of the strong support we received from our shareholders and the Dr Peng management in completing this transaction. This combination of an experienced telecommunications provider around the world with access to mature products and services and expansion and operating capital for a Canadian business with a unique infrastructure will result in a continuing viable business and significant competition in the market that will be a benefit to businesses and consumers."
Under the Arrangement, all of Urban’s 109,909,941 common shares have been purchased by Dr Peng which has become the sole shareholder of Urban. Upon final approval of the TSX Venture Exchange, Urban’s common shares will be delisted from the TSX Venture Exchange and Urban will become a private company.
Full details of the Arrangement and certain other matters are set out in the management information circular of Urban Communications Inc. dated September 29, 2017 (the "Information Circular"). A copy of the Information Circular can be found under Urban’s profile on SEDAR at www.sedar.com.
Information for Former Urban Shareholders
The common shares of Urban (the "Urban Shares") are expected to be formally delisted from the TSX Venture Exchange (the "TSX-V") effective at the close of business on Wednesday November 15, 2017, when trading will cease.
Pursuant to the Arrangement, former Urban shareholders are entitled to receive $0.07 per share. In order to receive the share entitlement, former Urban registered shareholders must complete, sign, date and return the letter of transmittal (the "Letter of Transmittal") that was mailed to each registered Urban shareholder prior to the special meeting of securityholders of Urban. The Letter of Transmittal is also available under the SEDAR profile of Urban on SEDAR at www.sedar.com. For those shareholders of Urban whose shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, they should contact such nominee for assistance in depositing their Urban Shares and should follow the instructions of such intermediary or nominee.
Board and Management
The board of directors of Urban have tendered their resignations and will be replaced by a new board of directors nominated by Dr Peng.
Chief Executive Officer John Farlinger would like to thank former directors Richard Earle, Alan B. Howe, Leslie E. Maerov, Aasim Saied and Herb Willer for their steadfast stewardship and continued support of Urban through this transaction.
For more information about Urbanfibre Gigabit Internet for business or residential customers, please visit www.urbanfibre.ca.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. (TSX-V:UBN) 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.
CONTACT INFO:
John Farlinger, Chief Executive Officer
Phone: (604) 763-7565
jafarlinger@urbanfibre.ca