TORONTO and MONTREAL – Wireless internet and video provider Look Communications announced today that its board of directors has approved a reorganization plan which, among other things, allows for the establishment and maintenance of the corporation’s deferred tax assets.
The plan involves the transfer of certain assets to a 100% controlled entity in order to establish and maintain approximately $310 million of its non-capital losses. As a result of this plan, the sale by the corporation of any or all of its major assets would result in any proceeds to the corporation of up to approximately $620 million being received on a tax-free basis.
Look’s mission is to be an M(3) – Mobile Multi Media – entertainment and information service provider in Ontario and Québec. The Corporation currently delivers a full range of communications services, including high-speed and dial-up Internet access, Web applications and digital television distribution.
