UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
November 1, 2006
Date of Report (Date of earliest event reported)
TelVue Corporation
(Exact name of registrant as specified in its charter)
Delaware 0-17170 51-0299879
(State or Other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
16000 Horizon Way, Suite 500,
Mt. Laurel, New Jersey 08054
(Address of principal executive offices)
856-273-8888
(Registrant's telephone number, including area code)
N/A
(Former name or former address,
if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
__ Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
__ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
__ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
__ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS
On November 1, 2006, TelVue Corporation (the "Company") announced that
the Chairman of the Board of Directors of the Company and majority owner, H.F.
"Gerry" Lenfest, has agreed to commit up to $10 million to accelerate the
national roll-out of the Company's network of municipally-owned cable channels
and expand its infrastructure to meet the needs of growth. The parties have
discussed certain terms of the commitment and are in the process of finalizing
the agreement. The parties have currently agreed that the Company may request
up to $5 million for general working capital. In addition, the Company may
request up to an additional $5 million for purposes other than general working
capital upon mutual agreement by the Company and Mr. Lenfest. A copy of the
press release, dated November 1, 2006, is attached as Exhibit 99 and
incorporated herein by reference.
ITEM 9.01 EXHIBITS
EXHIBIT NO. DESCRIPTION
99 Press Release, dated November 1, 2006
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 1, 2006 TelVue Corporation
By: /s/ Joseph Murphy
Name: Joseph Murphy
Title: President and Chief Executive Officer
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99 Press Release, dated November 1, 2006
EXHIBIT NO. 99
FOR IMMEDIATE RELEASE Contact: Cass Oryl
215-564-3200 x16
coryl@braithwaitepr.com
TelVue Corp. Receives Up to $10 Million for Growth
Funds Will be Used to Open New Markets and Extend Coverage in Current Markets
November 1, 2006 (Mount Laurel, NJ) - TelVue Corporation announced today that
Chairman and majority owner, H.F. "Gerry" Lenfest, has agreed to commit up to
$10 million to accelerate the national roll-out of the company's network of
municipally-owned cable channels and expand its infrastructure to meet the needs
of growth. The parties are in the process of finalizing the agreement. The
investment is based on TelVue Virtual Television Networks' (TVTN) success in
launching new affiliates and attracting sponsors.
"TelVue is on track to significantly exceed its 2006 goal of being available in
1 million cable households," said Mr. Lenfest. "The additional funds are
intended to help TelVue keep up with the overwhelming demand cities and towns
have demonstrated for improving their local cable channels."
Municipally-owned public, education and government (PEG) channels are provided
to municipalities as part of their franchise agreement with cable companies.
Although there are literally thousands across the U.S., they are often
underutilized as electronic bulletin boards due to insufficient resources and
programming expertise. TVTN improves the viewing experience for cable
subscribers by enhancing production values and helping in managing and editing
content. Affiliates are also able to post emergency information on the channel
in real-time from anywhere there is Internet access. Surveys have shown that
full production PEG channels, like those TVTN produces, can drive viewership
that is on par with other popular cable networks.
Most TVTN affiliates receive the company's service free-of-charge thanks to the
generous support of corporate sponsors. Others pay an annual service fee.
"It is clear to us that truly local television is important to people despite
today's trend toward media consolidation," said Joseph M. Murphy, president and
CEO of TelVue Corporation. "TVTN is making a difference in many municipalities,
and Gerry's financial support will enable us to do more. In the upcoming year,
we will continue to market TVTN to major cities as well as small towns across
the country. We will also use this funding to expand our outreach to corporate
sponsors who recognize the value of high-quality local television."
TVTN has affiliates across the country in 10 states - California, Delaware,
Florida, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina
and Pennsylvania. Philadelphia, Baltimore and Wilmington are among the top U.S.
markets that have TVTN-enhanced channels. Boston's channel is currently in
development.
About TelVue Virtual Television Networks (TVTN)
TVTN, owned and operated by TelVue Corporation is a network of municipally-owned
and operated cable channels that improves the look, information quality and
operational performance of municipally owned Public, Education and Government
(PEG) channels. By providing a unique combination of patent pending technology
and cable programming expertise, TVTN helps municipalities keep viewers
interested and informed while maintaining all control over their local cable
channel.
TelVue Corporation was spun-off from Science Dynamics Corporation of Cherry
Hill, NJ in 1988. It currently operates by management under the direction of
its Board of Directors, chaired by cable pioneer and philanthropist H.F.
"Gerry" Lenfest.
TelVue Corporation is a public company trading on the OTC Bulletin Board as
TEVE: OB. This announcement contains certain forward-looking statements that are
subject to risks and uncertainties. Such statements reflect management's current
views and are based on certain assumptions. Actual results could differ
materially from those currently anticipated as a result of a number of factors,
including, but not limited to, the risks and uncertainties discussed in the
TelVue Corporation's reports filed with the Securities and Exchange Commission.