Filed by TELUS Corporation
Pursuant to Rule 425
under the Securities Act
Subject Company:
Clearnet Communications Inc.
TELUS logo Clearnet Logo
January 10, 2001
TELUS acquires Clearnet Debentures as scheduled
Burnaby, British Columbia, and Scarborough, Ontario - TELUS Corporation (TSE: T,
T.A; NYSE: TU) and Clearnet Communications Inc. (TSE: NET.A; NET.db; NASDAQ:
CLNT) today jointly announce that all of the conditions of the TELUS Offer to
Purchase all of the 6.75% Convertible Debentures of Clearnet have been satisfied
and TELUS will take-up and pay for the Clearnet Debentures that have been
deposited in accordance with the terms of the Offer.
The TELUS Offer resulted in the tender of C$147,680,000 aggregate principal
amount of the Clearnet Debentures, representing 98.7% of the outstanding
Clearnet Debentures. TELUS will be issuing a TELUS 6.75% Debenture in $1,000
principal amount for each $1,000 principal amount of Clearnet Debentures taken
up and paid for.
TELUS intends to commence compulsory acquisition procedures under the Canada
Business Corporations Act to acquire the balance of the Clearnet Debentures not
acquired under the Offer.
TELUS Corporation is one of Canada's leading telecommunications companies
providing a full range of communications products and services that connect
Canadians to the world. The company generated $5.9 billion in revenues in 1999
and is the leading service provider in Western Canada. TELUS also provides
voice, data, Internet, advertising and wireless services to Central and Eastern
Canada. With the purchase of QuebecTel and national digital wireless company
Clearnet Communications Inc., TELUS is rapidly strengthening its position as a
leading national service provider. For more information about TELUS, visit
www.telus.com.
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For more information, please contact:
TELUS CLEARNET
John Wheeler Robert Mitchell
(780) 493-7310 (416) 279-3219
[email protected] [email protected]
Forward Looking Statements
Some statements in this document look forward in time and deal with other than
historical or current facts for TELUS. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations, including but not limited to the risks associated with: TELUS
completing all actions required to make the compulsory acquisition; general
business conditions in Canada and the TELUS' service territories in Canada;
competition on wireless services (cellular), local and long distance services,
data and internet services and within the Canadian telecommunications industry
generally; adverse regulatory action; technological change; taxation;
availability of sufficient funding; and generation of operating cash flow
sufficient to provide financial viability. For additional information with
respect to certain of these and other factors, see the reports filed by TELUS
and Clearnet with Canadian provincial securities commissions and the United
States Securities and Exchange Commission.
TELUS disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
