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FOR IMMEDIATE RELEASE
June 1, 2007
Halifax, Nova Scotia - Bragg Communications Inc. ("Bragg Communications") and Amtelecom Income Fund (AMT.UN) ("Amtelecom") jointly announced today that Bragg Communications has taken up and paid for all of the units of Amtelecom (the "Units") that were tendered to the Bragg Communications offer dated April 17, 2007 (the "Offer"). Bragg Communications thereafter delivered the appropriate Offeror's Notice to CDS & Co., as the sole registered Unitholder, and acquired the remaining Units not deposited under the Offer pursuant to the amended Compulsory Acquisition provisions of the Declaration of Trust of Amtelecom. Upon delivery of such notice, Units held by non-tendering Unitholders were deemed to have been immediately transferred to Bragg Communications. Non-tendering Unitholders ceased to have any rights as Unitholders from that time, other than the right to the May, 2007 distribution of $0.10 per Unit to Unitholders of record on May 31, 2007 and to be paid the same consideration ($14.25 in cash per Unit) that Bragg Communications paid to Unitholders that tendered their Units to the Offer.
The payment of the May, 2007 distribution was made by the Fund immediately prior to Bragg Communications taking up and paying for the Units and payment of the $14.25 per Unit consideration has been delivered by Bragg Communications to the Depository to be forwarded to the non-tendering Unitholders of Amtelecom.
As a result of the above transaction, Amtelecom is now wholly-owned by Bragg Communications. Accordingly, Amtelecom will be making an application to have the Units delisted from the Toronto Stock Exchange at the close of business on June 4, 2007, and will be taking steps to give notice and obtain appropriate orders to permit it to cease being a reporting issuer under Canadian securities legislation.
TD Securities Inc. acted as financial advisor to Bragg Communications and Stewart McKelvey acted as legal advisor to Bragg Communications.
CIBC World Markets Inc. acted as financial advisor to Amtelecom and Cassels Brock & Blackwell LLP acted as legal advisor to Amtelecom.
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