CALGARY, Alberta / ACCESSWIRE / November 27, 2015 / Platinum Communications Corporation ("Platinum" or the "Corporation") (TSX-V: PCS) and Xplornet Communications Inc. ("Xplornet") have mutually agreed to extend the outside date for the closing of their previously announced plan of arrangement (the "Plan of Arrangement") to December 18, 2015 (the "Outside Date"). An extension agreement between Xplornet and Platinum, dated the date hereof (the "Extension Agreement"), will be filed on SEDAR and, in addition to the extension of the Outside Date, provides that Xplornet will waive their condition to closing with respect to obtaining third party consents for the Plan of Arrangement. While the completion of the Plan of Arrangement remains subject to certain other customary conditions, pursuant to the Extension Agreement Xplornet and Platinum have acknowledged that they are not aware of any event or state of facts which would be reasonably likely to result in the failure to satisfy any such remaining conditions to closing the Plan of Arrangement.
For further information please contact:
Bernard Parkinson, President and CEO
Phone: 403-301-4590
E-mail: bparkinson@platcom.ca
Katherine Kirkup, Chief Financial Officer
Phone: 403-301-4594
E-mail: kkirkup@platcom.ca
Forward-Looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "will", "continue", "expect" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to the anticipated closing date of the Plan of Arrangement and the filing of the Extension Agreement on SEDAR.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of the Corporation including, without limitation, expectations and assumptions relating to the ability of the parties to satisfy the conditions to the Plan of Arrangement, the absence of material adverse changes to the Corporation prior to closing, the ability of Xplornet to obtain the necessary funds to satisfy the purchase price and certain other cost and price assumptions.
Platinum believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: failure to realize the anticipated benefits of the transaction, failure to obtain the necessary approvals, or to otherwise satisfy the conditions of the transaction, in a timely manner, or at all; and certain other risks detailed from time to time in Platinum’s public disclosure documents including, without limitation, those risks identified in this press release, and in Platinum’s management’s discussion and analysis, copies of which are available on Platinum’s SEDAR profile at www.sedar.com.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Platinum does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
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 news release.
Source: Platinum Communications Corporation
