SiriusXM Canada Announces Extension of Outside Date for Closing of Recapitalization Go-Private Transaction

TORONTO, Feb. 28, 2017 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM Canada" or the "Company") (TSX: XSR), the parent of Sirius XM Canada Inc., announced that pursuant to the terms of the arrangement agreement (the "Arrangement Agreement") dated May 12, 2016, as amended by a mutual agreement dated November 30, 2016, the parties to the Arrangement Agreement have agreed to extend the outside date by which the recapitalization go-private transaction must be completed to April 30, 2017, or such later date as may be agreed to by the parties in writing.

As previously disclosed, the recapitalization go-private transaction is subject to the prior approval of the Canadian Radio-television and Telecommunications Commission ("CRTC"). The Company has made all requisite filings and the CRTC's public consultation process was completed on January 12, 2017 when the Company replied to comments on the application from members of the public. The Company is currently awaiting the CRTC's decision on such application.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this press release are forward-looking statements. These statements include, without limitation, statements relating to proposed recapitalization of the Company in a go-private transaction and the conditions thereto, approval of the transaction by the CRTC, closing of the proposed transaction and the timing thereof, the expected timing and impact of the transaction, and other statements that are not historical facts. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. For a description of relevant assumptions and risks, please consult the Company's publicly available documents including its Circular dated July 29, 2016 and its Annual Information Form dated November 16, 2016 each filed with the Canadian provincial securities regulatory authorities (available at sedar.com) and which are also available on the Company's website at siriusxm.ca. The forward-looking statements contained in this press release describe our expectations at the date of this press release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.

About SiriusXM Canada

Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with more than 2.8 million subscribers, is the country's leading audio entertainment company and broadcasts more than 130 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news, entertainment and major sports brands including the NHL, NFL, NBA, MLB, NASCAR, CNN, CBC, FOX, BBC, Howard Stern, Disney, Comedy Central and more.

SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at www.siriusxm.ca and on Apple and Android-powered mobile devices.

SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 2,500 retail locations nationwide. To find out more about SiriusXM Canada (TSX: XSR), visit our website at www.siriusxm.ca.

SiriusXM Canada has been designated one of Canada's 50 Best Managed Companies seven years in a row and is currently a Platinum Club Member, in addition to 2013, 2014 and 2015 rankings in PROFIT 500's list of Canada's Fastest Growing Companies.

Join SiriusXM Canada on Facebook at facebook.com/siriusxmcanada, on Twitter at twitter.com/siriusxmcanada and on YouTube at youtube.com/siriusxmcanada.

SOURCE Sirius XM Canada Holdings Inc.

Odeta Kellici, SiriusXM Canada, Tel: [phone], [email protected]; Craig MacPhail, NATIONAL Equicom, Tel: [phone], [email protected]