TVI Press Release
Toronto, ON - Follow up to our June 10th 2016 press release, we are proud to announce Canadian Tamils that we have now completed the transfer of Tamil Vision Inc. (TVI) asset including the rights for the TVI name. It took us more than 6 months to complete the transaction due to various legal, operational and other third party (Rogers, Bell approval) requirements.
Canadian Tamils guided by our new Corporation will establish a foundation to support the not for profit work, focusing on improving lives of youth in Canada and other rehabilitation initiatives in war affected areas in North East Sri Lanka.
However, we are now proud to say that
TVI is in the hand of a private able and past investors who will continue operation to serve Tamils and grow this media, AND
We are ready to form the not for profit foundation with the sale proceeds after settling all important liabilities
The following is the summary of the transaction:
The total sale price was $1.6 Million which is to be received over 7.5 years monthly starting from Dec 2016.
Total liabilities of TVI is around $550,000 which consist of staff salaries back payment, accounting and legal fees. government dues and outstanding creditor loans.
With receivables, and the net proceeds of the asset sale, we are able and proud to commit over $1 Million to the proposed foundation over 7.5 years to help with the needs of Tamils.
TVI no longer face any litigation challenges
We, the TVI shareholders, board and the tireless administrative group are happy that we have come to the best possible scenario for TVI considering all options. At the same time, we are proud that we are forming this community foundation with significant financial commitment to do charitable work for our people.
Formation of a New Foundation:
Canadian Tamils guided by our new Corporation will establish a foundation to support the not for profit work, focusing on improving lives of youth in Canada and other rehabilitation initiatives in war affected areas in North East Sri Lanka.
This foundation will be:
i. Run by the people from the Community nominated/elected
ii. Open to public and the mainstream Tamil organizations to collaborate work
The structure and operation of the foundation will be finalized soon with input from interested Tamil Canadians through a transparent mechanism.
We will release further details on this matter in the new year.
As TVI’s community appointed shareholders, directors and administrators we are proud of TVI contribution to young talents, seniors and overall culture and current affairs updates to date. We would sincerely like to thank all our past employees and contributors for their tireless commitment to this success up to now including our difficult times.
We, also thank all our viewers, talents, volunteers, community supporters, advertisers, and for your unwavering support to TVI during the past 15 years.
We invite you to continue this support to the foundation work in the future to assist with community needs.
For Further Information:
Dr. V.Santhakumar
Chair of the Board of Directors
Dr. Kirupalini Kirupakaran
Secretary
Mr P Wickneswaran
Operational officer