Look Communications Announces Agreement to Sell Milton Property
TORONTO, March 17 /CNW/ - Look Communications Inc. ("Look" or the "Company") (TSXV: LOK) and (TSXV: LOK.A) today announced that it has enteredinto an agreement to sell its current head office, network operatingcentre and infrastructure in Milton, Ontario, for aggregateconsideration of $3,050,000. The transaction is expected to close byMay 20, 2011, subject to the satisfaction or waiver of certainconditions, including satisfactory completion of the purchaser'sinspection rights and completion of a phase 2 environmental assessment,if required.
"We are very pleased to announce this latest step in our ongoingstrategy to preserve capital, maximize the value of the Company'sremaining assets and capitalize on options for maximizing returns tothe Company's shareholders," said Grant McCutcheon, Chief ExecutiveOfficer and a director of Look.
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.
Now that the building is essentially sold, will they join with UBS in the lawsuits?
One thing's for sure: the new team sure doesn't sit on their behinds like the old regime did.