Intercable Africa Ltd. is not able to obtain additional financing
31 July 2010 - 7:16AM
PR Newswire (Canada)
MONTREAL, July 30 /CNW/ -- Stock Symbol: ICH MONTREAL, July 30 /CNW
Telbec/ - Intercable ICH Inc. (Intercable or ICH) announced today
that Intercable Africa Ltd. (ICA) was not able to obtain additional
financing with Absa Bank and The Mauritius Commercial Bank (MCB),
nor an extension of the due date of its current outstanding bridge
facilities. Therefore, all credit facilities with Absa Bank and MCB
become repayable on July 31st, 2010. The board members of ICA and
ICH had no other alternative than to put the operating subsidiary,
Intercable Reunion SAS (ICR) under a legal administrative process
that could lead to the liquidation of the company in La RĂ©union.
All the members of the board of ICH have resigned as of today and
Guy Laflamme has been mandated by the board, as President and Chief
Executive Officer of the company, to transact all matters on behalf
of ICH. 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 press release. This press release contains
forward-looking statements that are subject to risks and
uncertainties, and there can be no assurance that such statements
will prove to be accurate. Consequently, actual results may differ
materially from those anticipated by such statements. These risks
and uncertainties are described in the annual information form
dated July 8, 2008, and in Intercable's filings with regulatory
authorities. please visit Intercable's website at www.intercable.ca
or contact: Guy Laflamme, President and Chief Executive Officer,
Tel.: 450-799-5364, guylaflamme@Intercable.ca
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