Stock symbol: MBT
WINNIPEG, Dec. 23, 2013 /CNW/ - Manitoba Telecom Services Inc. (TSX:
MBT) ("MTS Allstream" or the "Company") today announced that its Audit
Committee has completed a comprehensive request-for-proposal (RFP)
process for audit services. The process was undertaken with the primary
objectives of evaluating the expertise available to the Company's Board
of Directors and the market cost of the Company's audit services under
a competitive process.
The Audit Committee conducted the RFP process over the past five months,
in which the senior leadership of Canada's four largest audit firms
presented compelling proposals, making available significant telecom
experience and local, national and global expertise. At the conclusion
of the highly competitive process, the Board of Directors (on the
recommendation of the Audit Committee) has unanimously determined to
commence the process of changing the Company's auditor to Ernst & Young
LLP. Ernst & Young LLP has an impressive list of telecom clients around
the world and brings the right mix of audit, strategic and global
telecom industry expertise and insights for the exciting next phase in
the history of the Company.
The Company's existing auditors, Deloitte LLP, had been the Company's
auditors and trusted advisors since 1987. Deloitte is expected to
formally resign as auditor on completion of the audit and related
filings for the Company's financial year ended December 31, 2013. Ernst
& Young LLP is then expected be formally appointed as auditor to fill
the resulting vacancy, and will also be proposed for appointment as
auditor at the Company's upcoming annual shareholders' meeting. There
were no disagreements with Deloitte on any matter of accounting
principles or practices, financial statement disclosure, or auditing
scope or procedure for the period in which Deloitte provided auditing
services, including any "reportable event", as defined in National
Instrument 51-102 Continuous Disclosure Obligations. Indeed, the
relationship with Deloitte has been very positive and professional over
the years.
"This has been a very positive process leading to a highly successful
outcome. Our new relationship with Ernst & Young LLP is expected to
benefit the Board, management and the Company's shareholders," said
Pierre Blouin, Chief Executive Officer. "This process required the
entire Audit Committee to invest a significant amount of their time and
expertise, for which we are grateful."
The Audit Committee, on behalf of the Board of Directors, would like to
thank Deloitte for its services and contributions to MTS Allstream and
its shareholders. It also thanks all the other firms that participated
in the process for the time, effort and thought they put into their
high quality proposals and their strong interest in contributing to the
continued success of our Company.
Forward-looking statements disclaimer
This news release includes forward-looking statements, including, but
not limited to, statements with respect to the anticipated formal
resignation of Deloitte upon conclusion of the year end audit and all
related matters, the subsequent formal appointment of Ernst & Young LLP
and the proposed appointment of Ernst & Young LLP at the Company's
upcoming annual shareholders' meeting. Examples of statements that
constitute forward-looking information may be identified by words such
as "believe", "expect", "project", "should", "anticipate", "could",
"target", "forecast", "intend", "plan", "outlook", "see", "set",
"pending", and other similar terms. All forward-looking statements are
made pursuant to the safe harbour provisions of applicable Canadian
securities legislation.
Forward-looking statements are subject to risks, uncertainties and
assumptions. As a consequence, actual results in the future may differ
materially from any forward-looking conclusion, forecast or projection,
whether expressed or implied. Therefore, forward-looking statements
should be considered carefully and undue reliance should not be placed
on them.
Please note that forward-looking statements in this news release reflect
Management's expectations as at December 23, 2013 and thus, are subject
to change thereafter. The Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required by
law.
Factors that could cause actual results to differ materially include,
but are not limited to, matters identified in the "Risks and
uncertainties" section and elsewhere in the Company's third-quarter
2013 interim MD&A and the Company's 2012 annual MD&A, which are
available on the Company's website at www.mtsallstream.com/investors and on the SEDAR website.
Manitoba Telecom Services Inc. (MTS Allstream)
MTS Allstream is one of Canada's leading national communication
solutions companies, providing innovative communications for the way
Canadians live and work today. The company has more than 100 years of
experience, with approximately 5,000 employees across Canada. MTS
Allstream's business is dynamic and consists of two operating
divisions. In Manitoba, MTS is the leading full-service
telecommunications provider for residential and business customers.
MTS's suite of services includes the latest in wireless technology,
broadband services, IPTV, voice services, home security, and an
extensive range of business solutions. Across Canada, Allstream is a
leader in IP communications and is the only national provider that
focuses exclusively on the business telecommunications market. MTS
Allstream has nearly two million customer connections spanning business
customers across Canada and residential consumers throughout the
province of Manitoba. The Company's extensive national fibre optic
network spans more than 30,000 kilometres. MTS Allstream has spent 12
consecutive years on the Jantzi Social Index for leadership in social
responsibility and is the recipient of the 2011 Governance Gavel Award
from the Canadian Coalition for Good Governance, recognizing clear and
effective public disclosure and leading governance practices.
MTS Allstream's common shares are listed on the TSX (trading symbol:
MBT). Customers, stakeholders and investors who want to learn more
about MTS Allstream are encouraged to visit: www.mtsallstream.com.
For more information about MTS's products and services, please visit www.mts.ca. For more information about Allstream's products and services, please
visit www.allstream.com.
SOURCE MTS Allstream
