QuStream Corporation

QuStream Corporation

November 08, 2006 16:05 ET

QuStream Records Gain On Termination of Pension Plan

TORONTO, ONTARIO--(CCNMatthews - Nov. 8, 2006) - QuStream Corporation ("QuStream") (TSX VENTURE:QVC) announced today that it has completed the termination and payout of the defined benefit pension plan that it assumed when it acquired PESA Switching Systems, Inc.

QuStream previously announced that it froze the pension plan it acquired and began the process of terminating and winding up the plan. The final pension liability was determined in early November and QuStream has now fully funded the obligation.

As a result of actual investment returns, movements in interest rates and other factors that came in favourably with respect to the assumptions underlying the amount of the obligation booked, QuStream will record a pre-tax gain on the termination of the pension plan of approximately $1 million. This gain will be recognized in the fourth quarter of fiscal 2006.

Learn more about QuStream's complete line of products at www.pesa.com and www.forteldtv.com.

About QuStream

QuStream, through its wholly owned subsidiaries PESA and Fortel DTV™, is a global provider of integrated solutions to the creators and distributors of professional video content including the high-definition television and professional audio/video market segments. QuStream is headquartered in Toronto, Canada with offices in New York, London, Georgia, and Alabama. For more information, visit QuStream at www.qustream.com, www.pesa.com, and www.forteldtv.com.

All products mentioned herein are trademarked property of their respective owners.

Forward-Looking Statements

The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address QuStream's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in the Company's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • QuStream Investor Contact:
    Paul Haber
    Chief Financial Officer
    (416) 385-2323 x 201
    Email: phaber@qustream.com