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Radiant Communications Announces Date for Share Consolidation and New Trading Symbol - RCN |
January 11, 2006
6 for 1 share consolidation and new symbol RCN effective January 12, 2006
January 11, 2006 (Vancouver, BC) – Radiant Communications Corp. (“Corporation”) (TSX Venture Exchange: RCX), Canada’s leading supplier of Internet-based data communications and Internet services to the business market, today announced that all regulatory filings with respect to the proposed six (6) for one (1) share consolidation approved at the December 22, 2005, Special Meeting of Shareholders, have been approved by the TSX Venture Exchange and accepted by Industry Canada. Radiant anticipates the its common shares will begin trading on a consolidated basis on the TSX Venture Exchange on January 12, 2006. Radiant’s new stock symbol after the stock consolidation will be RCN.
The stock consolidation affects all of the company's common shares, warrants and stock options outstanding immediately prior to the effective date of the stock consolidation. The stock consolidation calls for no fractional shares to be issued. Accordingly, the company will round shares to the nearest whole share in lieu of fractional shares. The authorized capitalization of Radiant remains unchanged. At the close of business on January 11, 2006, immediately prior to the consolidation, there were 58,953,949 common shares issued and outstanding. Upon completion of the share consolidation, the number of issued and outstanding common shares of the Corporation will decrease to 9,825,628.
“Over 99% of votes cast were in favour of this resolution”, said Chris Worthy, Chairman and acting CEO of Radiant. “We see this as another valuable step in our continuing efforts to build sustainable shareholder value. Over the next 90 days we intend to appoint a new CEO as well as release the 2005 annual and Q4 operating results. We’ve been consistently re-shaping and focusing the Corporation’s assets on business and strategies that will increase market value. I’m very pleased with the progress we’ve made to date and I look forward to sharing our future successes with our shareholders.”
At the December 22, 2005 Special Meeting, all three resolutions presented to the shareholders of the Corporation were approved.
ABOUT RADIANT COMMUNICATIONS
Radiant Communications Corp. (www.radiant.net) provides a total, integrated solution for businesses requiring national IP data communications services including, broadband and managed network services, Internet access, web hosting, web development and marketing services.
The Company offers a complete range of coast-to-coast broadband services including DSL, T1, Fibre, and Cable. Radiant also provides specialized IP services for the Canadian retail industry, namely, RetailCONNECTä IP network services and TurboSwitch IP payment gateway services. Radiant has offices in Toronto, Montreal, Calgary, Edmonton and Vancouver.
For More Information
Investors & Media: Chuck Leighton, CFO, 604-692-4531, cleighton@radiant.net
This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of Radiant, which involve risks and uncertainties. These risks and uncertainties may cause Radiant's actual results to differ materially from those contemplated by the forward-looking statements. Factors that might cause or contribute to such differences include, among others, competitive pressures, the growth rate of the Internet and telecommunications concerns, constantly changing technology and market acceptance of the company's products and services. Investors are also directed to consider the other risks and uncertainties discussed in Radiant's required financial statements and filings. All other companies and products listed herein may be trademarks or registered trademarks of their respective holders.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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