CANADIAN SATELLITE RADIO HOLDINGS INC. FILES PRELIMINARY PROSPECTUS FOR INITIAL PUBLIC OFFERING IPO to fund XM Canada deployment and broadcast facility build-out CNW Canadian Satellite Radio Holdings Inc. (CSR) announced today that it has received a receipt for a preliminary prospectus filed with the securities regulatory authorities in each of the Canadian provinces for its initial public offering.
CSR intends to use the proceeds of its initial public offering to, among other things, complete its initial infrastructure rollout and to fund operating expenses.
On June 16, 2005, the CRTC approved the application of CSR Inc. for a broadcasting licence to offer satellite radio services across Canada subject to certain conditions. CSR, the exclusive Canadian licensee of XM Satellite Radio, intends to launch its French and English satellite radio service across Canada in time for the 2005 holiday season.
Through its XM Canada(TM) service, CSR plans to offer listeners at least 80 channels, including 100-per-cent commercial-free music as well as news, talk, sports and children's programming across Canada via satellite.
Canadian Satellite Radio Investments Inc. and U.S.-based XM Satellite Radio Inc., the leading satellite radio provider in the U.S. with more than five million subscribers, will hold a significant ownership interest in CSR once the IPO is completed.
"At launch, XM Canada will offer NHL hockey and an unmatched line-up of commercial-free music, comedy and talk that will be noticed across North America, and starting with the 2007-2008 season, XM becomes the exclusive provider of over 1,000 NHL games via satellite radio," said John I. Bitove, the Chairman and Chief Executive Officer of CSR and XM Canada.
"Satellite radio will revolutionize the entertainment experience of Canadians for generations to come," Bitove added. "We are thrilled to be bringing XM to Canada and the extensive benefits this service offers to Canadians before Christmas."
The underwriting syndicate is being led by RBC Capital Markets and Genuity Capital Markets.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. The securities offered are being offered only by means of prospectus. Accordingly, this press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.
About Canadian Satellite Radio Holdings Inc. Canadian Satellite Radio Holdings Inc. (CSR) offers its satellite radio service under the XM Canada(TM) brand. CSR is seeking to become the market leader in providing subscription-based satellite radio entertainment to the Canadian market. CSR creates unique content to be broadcast in the United States and Canada and has an exclusive Canadian licence from U.S.-based XM Satellite Radio Inc. (XM), the leading satellite radio provider in the U.S. with more than five million subscribers.
Forward-looking statements Any forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from projections suggested in any forward-looking statements due to a number of risks including those associated with the business of CSR, the proposed offering, regulatory matters, and CSR's relationship with XM. CSR assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
The financial information contained in this news release is unaudited, unless otherwise noted. Additional information identifying risks and uncertainties are contained in CSR's filings with the Canadian securities regulators, available at www.sedar.com.
For more information about CSR, visit www.cdnsatrad.com. For more information about XM Canada's satellite radio service, visit www.xmradio.ca. |