SiriusXM Canada Receives Payment Demand
SiriusXM Canada Receives Payment Demand
TORONTO, April 26, 2016 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM Canada" or the "Company") (TSX: XSR), parent of Sirius XM Canada Inc., announced today that it has received a demand for payment from Sirius XM Radio Inc. ("Sirius XM US"). The demand is for an additional US$33.9 million as "activation fees" under the XM Licence Agreement owed from 2005 to the end of January, 2016. Sirius XM US has also made a demand for its methodology to be used for calculating "activation fees" from February, 2016 onwards for the remainder of the current term of the XM Licence Agreement. As previously disclosed, the Company and Sirius XM US have not agreed on the "activation fees" owed under the XM Licence Agreement. The Company is confident in its interpretation of the XM Licence Agreement and the calculation of the "activation fees" thereunder, and intends to seek resolution of this matter through binding arbitration under the terms of the XM Licence Agreement.
The Company does not intend to comment further upon this matter unless and until it deems further disclosure is appropriate or required by law.
Certain statements included above are forward-looking in nature. Such statements can be identified by the use of forward-looking terminology such as "expects," "may," "will," "should," "intend," "plan," or "anticipates" or the negative thereof or comparable terminology. Forward-looking statements include plans, expectations, or other statements that are not statements of fact, including with respect to: ultimate amounts payable for historical and future periods in connection with the "activation fees" under the XM Licence Agreement; accrued amounts in connection with the "activation fees" under the XM Licence Agreement, which may be materially different than the ultimate amounts payable; remedies available to Sirius XM US and the binding arbitration process and results. Although SiriusXM Canada believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. SiriusXM Canada's forward-looking statements are expressly qualified in their entirety by this cautionary statement. SiriusXM Canada makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as required by applicable law.
About SiriusXM Canada
Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with approximately 2.7 million subscribers, is the country's leading audio entertainment company and broadcasts more than 130 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news, entertainment and major sports brands including the NHL, NFL, NBA, MLB, NASCAR, CNN, CBC, FOX, BBC, Howard Stern, Disney, Comedy Central and more.
SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at www.siriusxm.ca and on Apple and Android-powered mobile devices.
SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 2,500 retail locations nationwide. To find out more about SiriusXM Canada, visit our website at www.siriusxm.ca.
SiriusXM Canada has been designated one of Canada's 50 Best Managed Companies seven years in a row and is currently a Platinum Club Member, in addition to 2013, 2014 and 2015 rankings in PROFIT 500's list of Canada's Fastest Growing Companies.
Join SiriusXM Canada on Facebook at facebook.com/siriusxmcanada, on Twitter at twitter.com/siriusxmcanada and on Youtube at youtube.com/siriusxmcanada.
SOURCE Sirius XM Canada Holdings Inc.
Sirius XM Canada Holdings Inc.
CONTACT: Odeta Kellici, SiriusXM Canada, Tel: 416-513-7416, Odeta.Kellici@siriusxm.ca; Kristen Dickson, NATIONAL Equicom, Tel: 416-848-1429, email@example.com