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Creative Vistas > Investor Relations > Headlines > July 15, 2008

Press Release

Creative Vistas Realizes $5.6 Million from Sale of Cable-Servicing Firm 180 Connect to DirecTV

Creative Vistas Inc. today announced that it has realized approximately $5.6 million in cash from the recently-completed sale of its nearly 12% stake in the cable-servicing firm 180 Connect Inc.

DirecTV acquired all of 180 Connect’s common shares for approximately $46.7 million. The acquisition, which was completed on July 9, 2008, included 3.1 million shares that Creative Vistas had acquired in an all-stock transaction in January 2008 at approximately $2.25 per share. Creative Vistas noted that the proceeds from this sale will help accelerate its continued expansion into the U.S. cable industry. The Company noted that its revenues from the U.S. are expected to grow at a rapid pace in 2008. Revenues in the first quarter of 2008 from US sales were less than $300,000 and Creative Vistas is expected to grow this to $1 million in the second quarter of 2008. Creative Vistas is continuing to experience high demand in the US for its residential

DirectTVs acquisition of 180 Connect provides Creative Vistas with a substantial cash infusion to fund its U.S.-focused growth strategy, said Creative Vistas CEO Dominic Burns. We expect this new source of capital will help us accelerate the development of new business at our Dependable HomeTech Division in the U.S., which this year has begun providing broadband-related services such as installation and repair for major cable system providers serving the largest metropolitan markets in Louisiana and North Carolina.

If you would like to be added to Creative Vistas' investor email lists or have additional questions, please contact Haris Tajyar with Investor Relations International at htajyar@irintl.com. For further information on Creative Vistas, please visit www.creativevistasinc.com.

About Creative Vistas

Creative Vistas Inc. (OTCBB: CVAS - News) is a leading provider of broadband-related services as well as security technologies and systems. Through its subsidiary Dependable HomeTech, formerly known as Cancable Inc., Creative Vistas provisions the deployment and servicing of broadband technologies to the commercial and residential market in Canada and the U.S. Through its subsidiaries AC Technical Systems Ltd. and Iview Digital Video Solutions Inc., it offers proprietary and non-proprietary technologies to the integrated electronic security and surveillance market. Its growing list of customers for broadband-related services include major cable-system operators in Ontario, Canada and U.S. metropolitan markets including New Orleans and Baton Rouge, La., and Charlotte, N.C. Its security and surveillance systems are used by numerous high-profile clients including government, school boards, retail outlets, banks and hospitals. Creative Vistas is based in Ontario, Canada.

Forward-Looking Statements: Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results for reasons described from time to time in the Company's public filings. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events.

 

Contact:
Investor Relations International
Haris Tajyar, 818-382-9700
htajyar@irintl.com
OR
Creative Vistas, Inc.
Sayan Navaratnam, 905-666-8676
sayan@creativevistasinc.com

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