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Last updated on April 18, 2014 at 16:58 EDT

TELUS welcomes Mobilicity debtholder vote in favour of acquisition

May 23, 2013

VANCOUVER, May 23, 2013 /CNW/ – TELUS welcomes today’s vote by
Mobilicity’s debtholders in favour of the company’s acquisition by
TELUS.

“Today’s positive vote is an important step on the road to allowing
TELUS to sustain service for Mobilicity’s quarter-million customers and
preserve the jobs of their 150 employees without a disruption caused by
their current financial challenges,” said David Fuller, TELUS Chief
Marketing Officer.

TELUS and Mobilicity announced May 16 that TELUS had agreed to acquire
the company for $380 million, subject to approval from the company’s
debtholders, the court, the Competition Bureau, and Industry Canada.
Earlier today, Mobilicity announced its debtholders voted in favour of
the transaction.

Mobilicity has begun proceedings in the Ontario Superior Court of
Justice to obtain approval for a plan of arrangement under the Canadian
Business Corporations Act. Now that debtholders have voted in favour of
the plan, TELUS and Mobilicity will seek court approval of a
transaction that will see Mobilicity emerge as a wholly-owned
subsidiary of TELUS.

TELUS and Mobilicity are seeking expeditious legal and regulatory
reviews due to the current financial circumstances Mobilicity is
facing.

Caution Regarding Forward Looking Statements
This news release contains statements about expected future events of
TELUS that are forward-looking. By their nature, forward-looking
statements require the Company to make assumptions and predictions and
are subject to inherent risks and uncertainties. There can be no
assurance that the associated benefits for TELUS shareholders of the
acquisition will be realized, or that the expected regulatory and court
approvals will be obtained. There is significant risk that the
forward-looking statements will not prove to be accurate. Readers are
cautioned not to place undue reliance on forward-looking statements as
a number of factors could cause actual future events to differ
materially from that expressed in the forward-looking statements.
Except as required by law, TELUS disclaims any intention or obligation
to update or revise forward-looking statements.

About TELUS
TELUS (TSX: T, NYSE: TU) is a leading national telecommunications
company in Canada, with $11 billion of annual revenue and 13.2 million
customer connections, including 7.7 million wireless subscribers,
3.4 million wireline network access lines, 1.4 million Internet
subscribers and 712,000 TELUS TV customers. Led since 2000 by President
and CEO, Darren Entwistle, TELUS provides a wide range of
communications products and services, including wireless, data,
Internet protocol (IP), voice, television, entertainment and video.

In support of our philosophy to give where we live, TELUS, our team
members and retirees have contributed more than $300 million to
charitable and not-for-profit organizations and volunteered 4.8 million
hours of service to local communities since 2000. Fourteen TELUS
Community Boards lead TELUS’ local philanthropic initiatives. TELUS was
honoured to be named the most outstanding philanthropic corporation
globally for 2010 by the Association of Fundraising Professionals,
becoming the first Canadian company to receive this prestigious
international recognition.

For more information about TELUS, please visit telus.com.

SOURCE TELUS Corporation


Source: PR Newswire