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NEWS | | from | | H. L. LANZET, INC |
| | | | 12 Hull Street Oceanside, NY 11572 (212) 888-4570 • (516) 763-1668 Fax: (212) 888-4569 • (516) 763-1626
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FOR IMMEDIATE RELEASE |
CONTACT: | | Greg Walling President & CEO Cabletel Communications (905) 475-1030 | | Ron Eilath CFO Cabletel Communications (905) 475-1030 |
CABLETEL ANNOUNCES AMENDMENT TO SENIOR CREDIT AGREEMENT THAT
RESOLVES TECHNICAL VIOLATIONS
MARKHAM, Ontario, May 30, 2003 – Cabletel Communications Corp. (AMEX: TTV; TSE: TTV), the leading distributor of broadband equipment to the Canadian television and telecommunications industries, announced that it has entered in a waiver and amendment to its credit agreement with its senior bank lenders that has resolved previously announced technical violations with respect to the fiscal quarter ended March 31, 2003. The technical violations had resulted from a variation of the required minimum adjusted net worth, debt service coverage and interest coverage ratio as of March 31, 2003.
Cabletel Communications offers a wide variety of products to the Canadian television and telecommunications industries required to construct, build, maintain and upgrade systems. The Company’s engineering division offers technical advice and integration support to customers. Stirling Connectors, Cabletel’s manufacturing division supplies national and international clients with proprietary products for deployment in cable, DBS and other wireless distribution systems. More information about Cabletel can be found atwww.cabletelgroup.com.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company’s business including increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed time to time in the Company’s filings with the Securities and Exchange Commission.