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March 21, 1996

CANADIAN HOOKUP COMMUNICATIONS, SHOPPING FOR INTERNET ACCESS, ACQUIRES 19 FIRMS IN SIX WEEKS

By CBR Staff Writer

One of the most spectacular consolidations among Internet access providers seen so far is taking place in Canada. Hookup Communications Corp announced that it had bought 19 privately- owned access providers over the past six weeks, bringing its subscriber base to around 35,000. The Oakville, Ontario-based company, spent about $8.5m on the splurge, with $4m in cash coming from a rights issue completed late last year. The rest was paid in Hookup shares. President Kevin James told Canada’s Financial Post that he expects more acquisitions, but that the pace will slow somewhat as Hookup concentrates on building infrastructure.

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