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GVIC Has Completed the Acquisition of the Portfolio of B.C. Media Assets From Postmedia(December 01, 2011)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/01/11 -- GVIC Communications Corp. (TSX:GCT) is pleased to announce that, through its affiliates (collectively "GVIC" or the "Company"), it has completed the acquisition of Postmedia Network Inc's community newspapers in British Columbia, the Times Colonist, related digital media assets, and certain real estate assets for a purchase price of $86.5 million.
The community newspaper media assets are comprised of two groups - the Lower Mainland Publishing Group ("LMP") and the Vancouver Island Newspaper Group ("VING"). The LMP properties include the North Shore News, the Vancouver Courier, the Burnaby Now, the New Westminster Record/Royal City Record, the Richmond News, the Delta Optimist, the Surrey Now, the Coquitlam Now, the Maple Ridge Times, the Langley Advance, the Abbotsford Mission Times, and the Chilliwack Times. The VING properties include the Nanaimo Daily News, the Alberni Valley Times, the Harbour City Star, the Cowichan Valley Citizen, the Oceanside Star, the Pennyworth, the Westerly News, and the Campbell River Courier Islander/Campbell River Courier North Islander.
Shares in GVIC can be traded on the Toronto Stock Exchange under the symbol GCT.
About the Company: GVIC Communications Corp. is an information communications company focused on the provision of primary and essential information and related services through print, electronic and online media. GVIC Communications Corp. is pursuing this strategy through its core businesses: the local newspaper, trade information and business and professional information markets.
This news release contains forward-looking statements that relate to, among other things, the Company's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include statements relating to the anticipated completion of the acquisition. These forward-looking statements are subject to risks, uncertainties and other factors which may cause results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements.
Important factors that could cause actual results to differ materially from these expectations are listed in the Company's Annual Information Form under the heading "Risk Factors" and in the Company's MD&A under the heading "Business Environment and Risks", many of which are out of the Company's control. These factors include, but are not limited to, closing risks and risks relating to the integration of new businesses.
The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
GVIC Communications Corp.
Mr. Orest Smysnuik
Chief Financial Officer
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