KSAT Satellite Networks Inc. (“KSAT”) today announced that a certificate of intent to dissolve was issued to KSAT under date of December 12, 2003 pursuant to the Business Corporations Act (Yukon) (the “YBCA”), as approved by the shareholders of KSAT at a special meeting duly called for the purpose and held on the 20th day of June, 2003, at which the shareholders passed a special resolution requiring KSAT to be liquidated and dissolved voluntarily under the provisions of the YBCA.
As required by the provisions of the YBCA, KSAT will publish and deliver notice of the issuance of the certificate to each known creditor, which notice will state that any person who has any claim against KSAT must file proof of such claim with KSAT on or before February 26, 2004, after which time the property of KSAT will be distributed amongst the persons entitled thereto, having regard to the claims of which KSAT then has notice.
Prior to commencing dissolution proceedings, KSAT was in the satellite telecommunications business in China. The common shares of KSAT trade on the Canadian NEX Board of the TSX Venture Exchange under the trading symbol “KSA.H”.
