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News | 06/01/2004 4:00 am EDT

Look Communications updating strategic plans
Look Communications Inc. is establishing and updating its strategic plans, following the appointment of Gerald McGoey as its CEO (see people on the move on page 7). While it is unclear what the strategic plans are, it likely revolves around Industry Canada’s decision to offer wireless cablecos greater flexibility in how they use their spectrum resources (RoW, May 19/04). Unique Broadband Systems Inc., Look’s majority shareholder, has been working to implement a better cost structure for the wireless cable and high-speed Internet provider. As a result of this contribution, Look has agreed to pay UBS a one-time fee of $1.2 million. UBS will also provide Look with a wide range of services, including a full-time CEO, that will net UBS $2.4 million annually, it says.

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