TORONTO,
Dec. 24, 2012 /CNW/ - Look
Communications Inc. ("Look" or the "Company") (NEX:
LOK.H and LOK.K) today announced that Grant
McCutcheon has resigned as a director of the Company. Mr.
McCutcheon remains the Chief Executive Officer of the
Company. Mr. McCutcheon is also the Chief Executive Officer
of Unique Broadband Systems, Inc. ("UBS"). Mr. McCutcheon
informed the Company that, given the initiatives currently being
undertaken at both companies, he believes that now would be
appropriate for him to resign from the Look board in order to
eliminate any potential or perceived conflicts of interest between
his role as a director of Look and as an officer of UBS, and so
that he can continue to serve effectively as the Chief Executive
Officer of each company under the direction of two independent
boards.
Speaking on behalf of the Look board, Mr.
David Rattee said: "In his capacity
as a director, Grant has been instrumental in fostering effective
corporate governance at Look, in protecting the value of Look's
remaining assets for the benefits of all of its shareholders and in
guiding the litigation that Look is pursuing against certain former
directors and officers. Grant has always been careful in
ensuring that his roles at both Look and UBS don't compromise the
interests of either company and, consistent with that objective,
the Look board understands and accepts his decision to resign as a
director at this time. We look forward to continuing to work
with Grant in his role as Look's Chief Executive Officer".
About Look Communications Inc.
Look's shares are listed on the NEX under the
symbols "LOK.H" for Multiple Voting Shares and "LOK.K" for
Subordinate Voting Shares. Look's website may be found at
www.look.ca.
The information contained in this release
includes forward-looking statements regarding future events and the
future performance of Look that involve risks and uncertainties
that could cause actual results to differ materially. Assumptions
used in the preparation of such information, although considered
reasonable by Look at the time of preparation, may prove to be
incorrect. The actual results achieved may vary from the
information provided herein and the variations may be material.
Consequently, there is no representation by Look that actual
results achieved will be the same in whole or in part as those
forecast.
Neither the 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.
SOURCE Look Communications Inc.