TELUS Corporation
TSX : T
NYSE : TU

TELUS Corporation

October 02, 2015 13:15 ET

TELUS Investing $1 Billion to Make Vancouver the World's Next Gigabit-Enabled City

Advanced technology will stimulate employment and economic growth, allow healthcare providers, educators and technology companies to reimagine how they deliver services

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2015) - TELUS is investing $1 billion to connect the majority of homes and businesses in the City of Vancouver directly to the company's state-of-the-art fibre optic network over the next five years.

"Bringing fibre optic infrastructure directly to homes and businesses is a generational investment, and the most significant contribution our organization can make to propel Canada's communications infrastructure and ensure its global competitiveness for decades to come," said Darren Entwistle, TELUS President and CEO. "With more than half of the world's population currently concentrated in urban centres, and increased urbanisation a reality for the future, cities with the capacity to leverage advanced broadband technology will enjoy an unprecedented advantage. Our $1 billion investment will provide one of Canada's largest urban centres with ubiquitous access to the fastest and most reliable Internet services to dramatically improve the way Vancouverites live, work and socialise. Once complete, TELUS' fibre build will add more than 400,000 homes, businesses, hospitals, community centres and municipal offices to our fibre-lit landscape. We will dramatically improve citizens' lives through significant new social, educational and economic opportunities and empower governments to build a greener, more inclusive and globally competitive Vancouver."

TELUS' fibre optic network is among the most advanced communications infrastructure available in the world today, allowing dramatically faster Internet speeds and vastly more capacity than current networks. This new fibre optic infrastructure will also be the backbone of TELUS' wireless network, enabling even more wireless capacity and speed. When the first Vancouver neighbourhoods are fully connected early next year local residents and businesses will be able to take advantage of home Internet speeds of up to 150 megabits per second. TELUS plans to offer families and businesses in Vancouver increasingly higher speeds over this gigabit-enabled network in the coming years, as demand continues to increase. Importantly, local healthcare providers, educators and technology companies will also be able to draw upon the network to completely reimagine how they deliver existing services and develop entirely new solutions.

"We are all living in a growing, interconnected world where the latest technology can help local businesses succeed," said Premier Christy Clark. "The investment being made by TELUS today will transform Vancouver into a major hub of today's best communications infrastructure and connect homes with the fastest Internet connections possible."

"TELUS' new leading-edge fibre optic network will transform communications for both residents and businesses in Vancouver, and significantly expand our success as one of the best connected and most competitive cities in the world," said Mayor Gregor Robertson. "This investment will spur continued growth in our thriving technology sector by providing the exceptional connectivity, speed, and capacity that are needed to power our innovation economy."

Vancouver residents can expect to see the TELUS team across the city neighbourhood by neighbourhood, knocking on doors to discuss connecting homes and businesses directly to TELUS' fibre optic network and installing infrastructure. There is no requirement to be a current TELUS customer to be connected to the network, nor are there any conditions to purchase services once the network construction is complete.

In celebration of today's announcement, on behalf of the company's almost 7,000 team members and retirees in Metro Vancouver Mr. Entwistle also announced TELUS is making a $100,000 investment in the Vancouver Public Library. This investment will establish the TELUS Innovation Fund to help connect people to each other and a world of information and literacy, helping to ensure a brighter future for the entire community.

This significant commitment is part of TELUS' plan to invest an additional $4 billion in British Columbia through 2018. When combined with operational expenses, this will bring the total TELUS investment in British Columbia over the next four years to more than $11.5 billion. By 2018, TELUS will have invested more than $47 billion in British Columbia since 2000 to further extend advanced telecommunications infrastructure and services, ensuring sustained innovation and fueling economic growth.

TELUS' dedication to Vancouver extends well beyond the company's investments in operations and infrastructure. Since 2000, TELUS team members in Vancouver have volunteered 350,000 hours with their hearts and hands and contributed more than $97 million to numerous charitable and community organizations.

For more information on the TELUS Fibre Optic Network, visit telus.com/vancouver or call 1-855-595-5588. Business owners are invited to call 310-3100.

About TELUS

TELUS (TSX:T)(NYSE:TU) is Canada's fastest-growing national telecommunications company, with $12.3 billion of annual revenue and 13.9 million customer connections, including 8.4 million wireless subscribers, 3.1 million wireline network access lines, 1.5 million high-speed Internet subscribers and 954,000 TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada's largest healthcare IT provider.

In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed more than $396 million to charitable and not-for-profit organizations and volunteered and more than 6 million hours of service to local communities since 2000. Created in 2005 by President and CEO Darren Entwistle, TELUS' 11 Canadian community boards and 4 International boards have led the Company's support of grassroots charities and will have contributed more than $54 million in support of over 4,800 local charitable projects by the end of 2015, enriching the lives of more than 2.1 million children and youth. 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.

Forward-looking statement:

This news release contains statements about expected future events, including TELUS' projected multi-year capital and operating expenditures, which are forward-looking. The investments described for 2015 through to 2018 are subject to the ongoing review and approval of TELUS' Board of Directors. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. 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 (such as regulatory and government decisions, the competitive environment, economic conditions, our ability to purchase spectrum licences through auctions or third-parties, and our earnings, free cash flow and financial position) could cause actual capital and operating expenditures to differ materially from those expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions (including the assumptions for our 2015 annual guidance, semi-annual dividend increases through 2016, ability to sustain and complete our multi-year share purchase program through 2016), qualifications and risk factors referred to in the 2014 Management's discussion and analysis, which are specifically incorporated by reference herein, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.

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