CSR Announces Possible IPO

1:48 am on November 9, 2005 | Category: Business

Canadian Satellite Radio (CSR) is planning to open up an opportunity for those who wish to invest in the emerging industry of commercial-free satellite radio in Canada.

The announcement was made on Monday that CSR has filed a preliminary prospectus for an IPO of the company’s stock. The money raised from this move will be used primarily to “complete initial infrastructure rollout and fund operating expenses.”

“Satellite radio will revolutionize the entertainment experience of Canadians for generations to come,” according to CSR owner, John Bitove, who is also well known as the founder of the Toronto Raptors basketball team and as CEO and Chairman of the Priszm Canadian Income Fund.

Bitrove’s own investment company, as well as XM Satellite Radio Inc., still plan to retain “significant ownership” of CSR, after the IPO.

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