Telus Extends Microcell Bid Yet Again

[Barry]

TELUS Corporation announced that it had extended its all-cash offers to purchase all of the issued and outstanding publicly traded shares (TSX: MT.A, MT.B) and warrants of Microcell Telecommunications Inc. (Fido Wireless) The
offers, as extended, will be open for acceptance until 9 p.m., Toronto time,
on September 20, 2004, unless further extended or withdrawn. The offers were previously scheduled to expire at 9 p.m., Toronto time, on August 20, 2004. A Notice of Extension will be mailed to the security holders of Microcell as soon as is practicable.

Robert McFarlane, Executive Vice President and Chief Financial Officer of
TELUS commented that "we were quite disappointed with Microcell's recently
released second quarter results. In particular, we were disappointed by the
lack of subscriber growth and that future guidance for capital expenditures
has been significantly increased, including a $100 million, or 57%, increase
in guidance for 2004 capital expenditures as compared to previous public
guidance from Microcell. Amongst other considerations, such higher capital
expenditures amount to over $2 per Microcell share and if incurred would
significantly reduce the available cash position of Microcell that we would
obtain if our offers are accepted. The value implication of these results and
updated guidance of Microcell underline that our offers provide full and fair
value to the Microcell security holders."

As of the close of business on August 20, 2004, 682 class A restricted
voting shares, 15,924 class B non-voting shares, 77,574 Warrants 2005 and
60,766 Warrants 2008 of Microcell had been deposited to the offers and not
withdrawn from the offers.

_________________
Start Posting for Cool Prizes!