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Look Communications Announces Sale of Web Hosting Business and Strategic Marketing Agreement - Look Communications, Inc. (“Look” or the “Corporation”) (TSX Venture: LOK and LOK.A) announces that it has executed an Asset Purchase Agreement with Bluegenesis.com Corp for the sale of its web hosting and domain businesses
Look Communications Announces Sale of Web Hosting Business and Strategic Marketing Agreement

 

PRZOOM - /newswire/ - Toronto, Ontario, Canada, 2008/10/24 - Look Communications, Inc. (“Look” or the “Corporation”) (TSX Venture: LOK and LOK.A) announces that it has executed an Asset Purchase Agreement with Bluegenesis.com Corp for the sale of its web hosting and domain businesses.

   
 
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Look Communications Inc. (“Look” or the “Corporation”) is pleased to announce that it has executed an Asset Purchase Agreement (the “Agreement”) with Bluegenesis.com Corp. (“Bluegenesis”) for the sale of its web hosting and domain businesses.

The Agreement calls for the following:
1. Consideration in the amount of approximately $3.8M Cdn paid to Look, subject to potential post-closing adjustments, and;

2. A 40-month Shared Hosting Marketing and Licensing Agreement with Bluegenesis whereby Look and Bluegenesis agree to jointly promote the EasyHosting brand and share in the revenue generated therefrom.

“We are very pleased with the Agreement reached with Bluegenesis and we look forward to working with them to grow the web hosting and domain businesses”, said Gerald T. McGoey, Vice-Chairman and CEO.

About Look Communications Inc.

Look’s mission is to be an M3 - Mobile Multi Media – information, communication and entertainment service provider in Ontario and Québec. The Corporation currently delivers a full range of services including high-speed and dial-up Internet access, Web applications, digital television distribution, and superior customer service to both the business and residential markets. Look’s shares are listed on the TSX Venture Exchange under the symbols “LOK” for Multiple Voting Shares and “LOK.A” for Subordinate Voting Shares.

Information regarding Look, Bluegenesis and the exact amount payable under the agreements noted in this press release constitutes forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the amounts payable and the success of any joint marketing efforts, are assumptions regarding quality of the assets being transferred and projected revenue and expenses.
Specifically we have assumed that current levels of web hosting and domain business will remain stable as will the quality of the accounts. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect.
Readers are cautioned that actual future operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected as set out above. Consequently, there is no representation by Look that actual results achieved will be the same in whole or in part as those forecasts.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 
 
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Agency / Source: Look Communications, Inc.

 
 

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Look Communications Announces Sale of Web Hosting Business and Strategic Marketing Agreement

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Contact: Peter Block - Look.ca 
647-259-3284 investorinfo[.]look.ca
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Look Communications, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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