"The Board of Directors of KeyTech Limited is pleased to declare a dividend of 50-cents per share for the 4th quarter 2002. Enclosed you will find a cheque or, where appropriate, a credit advice. The KeyTech share price remains strong and at this writing the asking price is $43 per share.
Several significant events have taken place this quarter, which position KeyTech and the Subsidiary Companies well for the future. In February, the Minister of Tele-communications awarded a separate license to provide cellular services to BTC Mobility, and on March 1st a contract with Nokia for the implementation of GSM (Global Standard for Mobile Services) was signed. This means that BTC Mobility will be able to compete fully in the cellular market with the latest in wireless technology, by October 1st this year.
There is steady growth of the BTC ADSL Velocity service. In the months ahead, increased penetration in the areas currently serviced is planned concurrently with expansion to areas not presently being served.
During the past quarter, the Board appointed two persons to KeyTech Senior Management positions. Ms. Sheila Manderson was appointed to the position of Chief Executive Officer (CEO), and Ms. Sheila Lines as Chief Financial Officer (CFO). They have been charged with the responsibility for the day-to-day management of KeyTech interests, and are enthusiastically working to ensure the growth and protection of shareholder interest.
The difficult global economic conditions persisted during the last quarter. As already notified to the Bermuda Stock Exchange, KeyTech's 23% owned subsidiary, Lightrade Inc., a bandwidth trading company, has gone into liquidation. In light of the difficulties being experienced in the telecommunications industry, all other investments have been reviewed and it was found prudent to write them down where necessary. Fortunately, this has been offset by the release of an actuarial surplus from the BTC Pension Plan. The Board, however, remains optimistic for the future and is poised to take advantage of opportunities to enhance shareholder value as the economic climate improves."
Signed,
Sheila G. Manderson,
Chief Executive Officer.