Cristal Delaware, LLC

April 05, 2007 15:38 ET

Cristal Delaware, LLC Acquires Interest in Multivision Communications Corp.

NEW YORK, NEW YORK--(CCNMatthews - April 5, 2007) - On April 4th, 2007, Cristal Delaware, LLC ("Cristal"), an entity managed by Alothon Cristal, L.P. has acquired 2,761,340 Series A preferred shares, representing 39 % of the issued and outstanding Series A preferred shares in the capital of Multivision Communications Corp. ("Multivision") from HAC Investments Ltd. The Series A preferred shares are convertible into 6,292,452 common shares of Multivision as of December 2006. Cristal also acquired 1,544,710 Series B preferred shares of Multivision, which are convertible into 3,520,036 common shares of Multivision as of December 2006. Immediately prior to this transaction, Cristal did not own any securities of Multivision. After giving effect to such transaction, Cristal owns approximately 39% of the Series A preferred shares and 100% of the Series B preferred shares of Multivision that are either (i) redeemable for Cdn $ 19.6 million as of December 2006 or (ii) convertible into approximately 21.4 % of voting common shares and 39.8% economic shares of Multivision .

The remaining Series A Preferred Shares and Series B Preferred Shars are held by 21st Century Communications Partners, L.P. and its affiliates.

Cristal has acquired the shares of Multivision for investment related purposes and has no current intention of acquiring other securities of Multivision (other than upon the conversion of the Series A or Series B preferred Shares) or of disposing of any of the securities of Multivision (other than upon the redemption of the Series A or Series B preferred Shares) which it currently holds. Depending upon its evaluation of Multivision's business, prospects and financial condition, the market for Multivision's securities, general economic conditions and other factors, Cristal may acquire additional securities of Multivision or sell some or all of the securities it holds. Cristal will become a party to the existing shareholders agreement between and among the company and several shareholders as amended, replacing HAC Investments Ltd. Cristal together with the remaining owners of the Preferred Shares will work with the company to redeem all of the outstanding Preferred Shares with an accrued value of approximately Cdn$ 39.3 million as of December 2006 by exchanging them for Multivision's assets in lieu of a cash payment.

Contact Information

  • Cristal Delaware, LLC
    400 Madison Avenue
    New York, NY
    212-810-2729
    212-750-0190 (FAX)