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FOR
IMMEDIATE RELEASE
JOINT
ANNOUNCEMENT BY LOCAL INSIGHT MEDIA, LLC
AND ACS MEDIA INCOME FUND
LOCAL
INSIGHT MEDIA, LLC COMPLETES
ACQUISITION OF ACS MEDIA INCOME FUND’S OPERATING BUSINESS
NEW
YORK and TORONTO, November 22, 2006 – Local Insight
Media, LLC (formerly known as Caribe Acquisition Holdings,
LLC) (“Local Insight”) and ACS Media Income Fund
(the “Fund”) (TSX: AYP.UN) today announced that
Local Insight has completed its acquisition of ACS Media LLC
(“ACS Media”), the Fund’s operating business.
With
the completion of the acquisition, the Fund’s unitholders
will receive CDN$9.40 per unit of the Fund, payable in cash
upon redemption of their units, for total consideration of
CDN$188 million (US$168 million). Local Insight is also funding
the repayment of approximately US$35 million of ACS Media
debt. In accordance with the Fund’s Declaration of Trust,
as amended and approved by the Fund’s board of trustees,
units of the Fund will be redeemed on or about November 24,
2006, following which the affairs of the Fund are expected
to be wound-up as promptly as possible. The Fund units will
be de-listed from the Toronto Stock Exchange prior to the
redemption.
ACS
Media is the largest publisher of print and Internet advertising
directories in Alaska, producing 10 print directories and
distributing over 1 million copies of those directories to
business and residential consumers throughout Alaska. ACS
Media’s online directory, www.acsyellowpages.com, extends
the reach of advertisers’ content throughout Alaska and
beyond. Under a contract that runs through 2053, ACS Media
serves as the exclusive publisher of the “official”
print directories of Alaska Communications Systems Group,
Inc., the largest local exchange carrier in Alaska. For the
year ended December 31, 2005, ACS Media had revenues of US$37.6
million.
Lehman
Brothers and Wachovia Securities acted as co-advisors to Local
Insight in the transaction. The Fund’s financial advisor,
Genuity Capital Markets, delivered an opinion to the Board
of Trustees of the Fund to the effect that as of September
25, 2006 the consideration to be received by the Fund’s
unitholders under the transaction is fair from a financial
point of view to such unitholders.
Scott
Pomeroy, Local Insight’s President, said: “This
acquisition is a major milestone for Local Insight, which
is now the local search market leader in three dynamic markets:
Alaska, Puerto Rico and the Dominican Republic. The ACS transaction
demonstrates our commitment to growing the business from a
base of solid financial and operating results, while continuing
to deliver value to consumers and advertisers through our
print and digital platforms.”
Wes
Carson, President & CEO of ACS Media, said: “We believe
this transaction has delivered a very attractive valuation
to our unitholders. Looking forward, the members of the ACS
Media team are pleased to be joining Local Insight. Leveraging
the complementary capabilities of Local Insight and ACS Media,
the combined company is well-positioned for further expansion
while also meeting its customers’ constantly evolving
needs.”
About
Local Insight Media, LLC
Local
Insight, through its subsidiaries, is a leading provider of
print directories and Internet-based local search services
in Alaska and the Caribbean. Local Insight indirectly owns
a 99.9% interest in ACS Media, the largest publisher of print
and Internet advertising directories in Alaska. In addition,
Local Insight indirectly owns 60% of Axesa Servicios de Información,
S. en C., which publishes the “official” yellow
and white pages directories in Puerto Rico under the PRT brand.
Local Insight also indirectly owns Caribe Servicios de Información
Dominicana, S.A., which publishes the “official”
yellow and white pages directories in the Dominican Republic
under the Paginas Amarillas brand.
Local
Insight is a portfolio company of Welsh, Carson, Anderson
& Stowe (“WCAS”), which is one of the largest
and most successful private equity investment firms in the
United States. Since its founding in 1979, WCAS has organized
14 limited partnerships with total capital over US$16 billion.
About
ACS Media Income Fund
ACS
Media Income Fund is an open-ended, limited purpose trust
established under the laws of the Province of Ontario. Further
information on ACS Media Income Fund can be found in its disclosure
documents filed with the securities regulatory authorities,
available at www.sedar.com.
This
release includes certain forward-looking statements including,
without limitation, statements concerning the Fund’s
future financial position, business strategy, projected costs
and plans and objectives of management for future operations.
Forward-looking statements generally can be identified by
the use of forward-looking terminology such as “may,”
“will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe,”
“should,” “plans,” or “continue”
or the negative thereof or variations thereon or similar terminology.
Although the Fund believes that the expectations reflected
in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be
correct. These forward-looking statements are subject to a
number of risks and uncertainties, and actual results could
differ materially from those anticipated in these forward-looking
statements.
#
# # #
For further information:
Local
Insight Media, LLC ACS Media Income Fund
John Fischer Wayne Graham
Tel: 303-524-1418 Executive Vice President & CFO
Tel: 907-297-3015
Website: www.acsmedia.net
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