Indicate by check mark whether by furnishing the information contained in this Form,
the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ______ No ___X___
Compañía de Telecomunicaciones de Chile, S.A.
TABLE OF CONTENTS
Item
1. Material Event regarding Company’s sale of its subsidiary Telemergencia
Item 1.
Material Event of Compañía de Telecomunicaciones de Chile S.A.
As regards the “material event" reported last September 22 in connection with the sale of the branch Telefónica Asistencia y Seguridad S.A.’s assets and client portfolio, and in compliance with the provisions in ANT’s Ord., I report the following:
1) The estimate of the net effect on the company’s results due to the abovementioned sale would range between $11,000 million and $9,500 million, which is subject to the conclusion of a due diligence process included in the Binding Offer document, effect to be registered, according to Chilean Generally Accepted Accounting Principles, in the fourth quarter this year, provided the operation will formally be closed in due time. Furthermore, we point out that this effect will impact only once on the fiscal year’s income and is not recurring.
2) The international company that made the offer that was accepted has no relationship whatsoever with the company.
Reported to the Chilean Securities and Exchange Commission on September 25, 2008
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COMPAÑÍA DE TELECOMUNICACIONES DE CHILE S.A.
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By: |
/S/ Isabel Margarita Bravo C.
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Name: Isabel Margarita Bravo C.
Title: Financial Director |
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or resul ts will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.