Mobilicity announces revisions to the TELUS Acquisition Plan

TORONTO, May 22, 2013 /CNW/ - Data & Audio-Visual Enterprises Holdings Inc. and its affiliates (collectively, Mobilicity) today announced that certain revisions have been made to the TELUS Acquisition Plan, in accordance with the provisions of the TELUS Acquisition Plan (such revised plan, the "Revised TELUS Plan of Arrangement"), based on discussions with stakeholders.  The Revised TELUS Acquisition Plan has been posted on Mobilicity's website and can be found at www.mobilicity.ca/investorrelations.

The Revised TELUS Acquisition Plan continues to provide for the sale of Mobilicity as a going concern for a purchase price of $380 million, subject to a working capital adjustment, and, except for the revisions referred to above, the terms of the Revised TELUS Acquisition Plan remain unchanged and are as described in the April 26, 2013 circular and the supplemental information statement dated May 16, 2013.

As previously announced, the meeting of debt holders to approve the Revised TELUS Acquisition Plan will be held on May 23, 2013 at 10:30 a.m. (Toronto time) at the offices of Norton Rose Canada LLP, Royal Bank Plaza, South Tower, 200 Bay St., Suite 3800, Toronto, Ontario M5J 2Z4.

About Mobilicity (DAVE Wireless):

Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE Wireless), the company operated as Mobilicity. Mobilicity is a wireless carrier that provides wireless telecommunication services to Canadians in Toronto, Ottawa, Calgary, Edmonton and Vancouver. Further information about Mobilicity can be found at www.mobilicity.ca. 

SOURCE: Mobilicity

For more information related to Mobilicity, please contact:  

Sheryl Steinberg, Mobilicity, [email protected]; 647-707-7377 
Joel Shaffer, Longview Communications Inc. at 416-649-8006