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Logic Communications Ltd. and North Rock Communications Ltd. Announce Amalgamation Agreement
Hamilton, Bermuda – 26 April, 2013 — In a filing with the Bermuda Stock Exchange, KeyTech Limited (the "Company"; Ticker: KEY.BH) announced amalgamation of the Company’s wholly owned subsidiary, Logic Communications Ltd., with North Rock Communications Ltd.
The filing, by Lloyd Fray, Chief Executive Officer of KeyTech Limited, stated:
Logic Communications Ltd., a wholly owned subsidiary of KeyTech Limited, and North Rock Communications Ltd. announced today that they have agreed to amalgamate their businesses. The amalgamated entity will remain a wholly owned subsidiary of KeyTech Limited. This amalgamation will result in more investment in new products and superior customer service.
“We are creating a stronger and more capable service provider out of two very complimentary businesses,” said Lloyd Fray, CEO of KeyTech. “This transaction will be beneficial for consumers and corporate clients. We are going to use our combined strengths in the market to deliver new products, better service, enhanced value, and more choice for our customers.”
“With the new Integrated Communications Operating Licenses that are being issued by the Regulatory Authority we recognized that we could be in a more competitive position and deliver greater value for our customers as a combined business,” commented Vicki Coelho, General Manager of North Rock Communications.
With the merger the company will trade under the name of Logic Communications Ltd., but will continue to operate initially under both the existing Logic and North Rock brands. Vicki Coelho, CEO of North Rock Communications, will assume the role of CEO of the amalgamated Logic Communications Ltd. There will be no service disruptions to any customers and the combined entity will honor existing agreements, service plans, and pricing. We will ensure customers of both companies receive the high level of service they have come to expect.
Mr. Fray continued, “We are confident that, as we grow the service and product offerings, more and more customers will recognize the enhanced value. The combined businesses will allow for more efficient use of capital and funding for investment in new technologies and services. Customers will continue to enjoy residential Internet,
Wireless Access, Local Telephone, and Long Distance services. Business customers will have their dedicated Internet, MPLS, colocation, mail and web hosting.”