Montreal, April 4, 2007 – FODEX Export Development Fund, Limited Partnership is pleased to announce that it acquired today 4 million units of Intercable ICH Inc. at a price of $1.00 per unit, for a total subscription price of $4 million, at the closing of Intercable’s initial public offering. Each unit is comprised of one common share of Intercable and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of Intercable at an exercise price of $1.25 until October 4, 2008 and at a price of $1.50 thereafter, until April 4, 2010. The units were issued by Intercable pursuant to a prospectus dated March 23, 2007.
As a result of this subscription, FODEX holds 4 million common shares and 4 million common share purchase warrants of Intercable, representing approximately 16.77% of the issued and outstanding common shares and approximately 16.77% of the issued and outstanding common share purchase warrants of Intercable.
The common shares and warrants were acquired by FODEX for investment purposes only. FODEX may increase or decrease its investment in Intercable depending on market conditions or other relevant factors.
As disclosed in Intercable’s final prospectus, FODEX has entered into a voting agreement with the principal shareholders of Intercable relating to the appointment of a FODEX representative to the Board of Directors of Intercable.
About FODEXFODEX is an investment fund with a capital of US$60,000,000 created by the Solidarity Fund QFL. FODEX’s mission is to finance the exports of Québec-based companies and the realization of international projects that have an economic impact in Québec. For further information, please consult the website of FODEX at
www.fodexcapital.com or contact:
François St-Arnaud
Chief Executive Officer
FODEX
545 Cremazie Blvd. East
Suite 200
Montreal, Québec
H2M 2W4
Phone: 514-383-0782
Email :
fstarnaud@fodex.qc.ca