NEW YORK, Feb. 6 /CNW/ -- Hollinger International Inc.
(NYSE: HLR) and its Canadian affiliate, Hollinger Canadian Publishing Holdings
Co., today announced the completion of the sale of substantially all of its
remaining Canadian assets, consisting of, among other things, approximately
87% of the outstanding Units of Hollinger Canadian Newspapers, Limited
Partnership and all of the shares of Hollinger Canadian Newspapers GP Inc.,
Eco Log Environmental Risk Information Services Ltd. and KCN Capital News
Company, to an affiliate of Glacier Ventures International Corp. ("Glacier")
(TSX: GVC) for an aggregate purchase price of C$121.7 million, or
US$106.1 million.
As previously announced in December 2005, Hollinger International sold to
Glacier its 70 percent interest in Great West Newspaper Group Ltd. and its 50
percent interest in Fundata Canada Inc. to Jamison Newspapers Inc. and Glacier
for total consideration of approximately C$47.1 million, or approximately
US$40.5 million.
Gordon A. Paris, the Chairman and Chief Executive Officer of Hollinger
International, said, "In addition to allowing us to generate substantial value
for our investors, the sale of our Canadian businesses enables our management
to focus all of our attention on the reorganization plan underway at the
Sun-Times News Group. The steps we are taking are designed to deliver improved
performance in 2006 and into the future."
Hollinger International's financial adviser in the sale of its Canadian
portfolio of publications is Lazard.
Hollinger International Inc. (http://www.hollingerinternational.com) is a
newspaper publisher whose assets include The Chicago Sun-Times and a large
number of community newspapers in the Chicago area.
Cautionary Statement on Forward-Looking Statements. Certain statements
made in this release are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain the words "believe," "anticipate," "expect,"
"estimate," "project," "will be," "will continue," "will likely result" or
similar words or phrases. Forward-looking statements involve risks and
uncertainties, which may cause actual results to differ materially from the
forward-looking statements. The risks and uncertainties are detailed from time
to time in reports filed by Hollinger International with the Securities and
Exchange Commission, including in its Forms 10 K and 10 Q. New risk factors
emerge from time to time and it is not possible for management to predict all
such risk factors, nor can it assess the impact of all such risk factors on
the Company's business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in
any forward-looking statements. Given these risks and uncertainties, investors
should not place undue reliance on forward- looking statements as a prediction
of actual results.
Contacts:
Molly Morse / Jeremy Fielding
Kekst and Company
212-521-4826/4825
molly-morse@kekst.com
jeremy-fielding@kekst.com
