Press release from CNW Group
Look Communications Announces Director Resignation
Monday, December 24, 2012
Look Communications Announces Director Resignation08:30 EST Monday, December 24, 2012TORONTO, 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.