Cable Bahamas announce appointments to board of directors and chief executive

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Cable Bahamas Ltd. (“Cable Bahamas”) (BISX: CAB) announced today the appointments of George William Mackey, A. (Al) Jarrett and Gordon MacNab to its board of directors and Richard W. Pardy as the chief executive officer. These appointments coincided with the resignations of Brendan Paddick as chief executive officer and director and I. G. Stubbs and Dr. Keva Bethel from the board of directors of Cable Bahamas.

Mr. Mackey is a resident of Nassau and has had a distinguished public services career spanning 25 years as a Member of the House of Assembly serving the St. Michael’s Constituency from 1972 to 1987 and the Fox Hill Constituency from 1987 to 1997. During his tenure in the House of Assembly, Mr. Mackey served as Deputy Speaker of the House of Assembly and Minister of Housing and National Insurance. Mr. Mackey has also served as Chairman of the Housing Commission, Chairman of the Bahamas Electricity Corporation, Chairman of National Insurance Board, and was a member of both Constituency Boundaries Commission and the Committee for the Prerogative of Mercy. His contribution to the athletic community was highlighted during his twelve-year tenure as President of the Bahamas Baseball Association during which time the Association became financially secure. In 1998, Mr. Mackey was honoured by Her Majesty Queen Elizabeth II and made an Officer of the Most Distinguished Order of the British Empire in recognition of his public service. Mr. Mackey is currently Chairman of the Board of Directors of the Antiquities, Monuments and Museums Corporation and Co-chairman of the Nassau Economic Development Commission.

Mr. Jarrett is a resident of Nassau and has had a prominent career in the international and domestic banking sectors. Starting his career with Deltec Bank in 1965, Mr. Jarrett held executive positions with Deltec and Banca Commercial Italiana, prior to joining the Royal Bank Int’l in 1973. During his twenty-nine-year tenure with the Royal Bank of Canada Financial Group he was promoted to positions of ever increasing responsibility culminating as Managing Director of RBC/Finco from 1999 to 2002, when he retired as the most senior Bahamian banker in the RBC Financial Group. Mr. Jarrett is currently Executive Chairman of the Bahamas Electricity Corporation, a position he has held since 2002. During his career Mr. Jarrett has been active with the Bahamas Chamber of Commerce, was Chairman of the Prime Minister’s Quality Service Award, and has served as Director on several Public Corporation Boards. In recognition of his distinguished executive career and community contributions Mr. Jarrett was awarded the prestigious Bahamas Quality Service Award, Royal Bank of Canada Performance Award and has been honoured by the Palm Beach Atlantic College for outstanding contribution to international finance in 1999.

R. A. Gordon MacNab, Q.C. is a resident of Canada and a Senior Partner in the law firm of Mercer, MacNab, Vavasour & Fagan located in the city of St. John’s, in the province of Newfoundland and Labrador, Canada. He has been practicing law for over 30 years, specializing in telecommunications, information technology, wireless technology and commercial law. Mr. MacNab is a member of the Canadian Bar Association and the Newfoundland Law Society and in recognition of his abilities, experience and various contributions as a professional was appointed Queen’s Counsel in 1991. Mr. MacNab is actively involved in various charities and is presently a director and officer of the Canadian National Institute for the Blind.

Mr. Pardy joined Cable Bahamas in 1994 as executive vice president and was promoted to president and chief operating officer in 1998. Mr. Pardy played a pivotal role in the initial vision and development of Cable Bahamas’ business plan. Under Mr. Pardy’s leadership, Cable Bahamas grew from a start-up to more than 100,000 revenue-producing units, $40 million in annual revenue, 240 employees and delivered an annual internal rate of return to shareholders, over a seven-year period, in excess of 33%. Mr. Pardy was appointed executive vice president Persona Communications (Barbados) Ltd. in 2003, where he was responsible for the identification and acquisition of investment targets in the broadband communications sector throughout the Caribbean during which time he also served as president and chief operating officer of Caribbean Crossings Ltd., Cable Bahamas’ international submarine fiber-optic subsidiary.

Commenting on the appointments to the Cable Bahamas’ board, Company Chairman Philip Keeping stated, “We are extremely pleased with the addition of individuals of George’s, Al’s and Gordon’s caliber and credentials to Cable Bahamas’ board. Mr. Mackey offers Cable Bahamas a host of both private and public company board experience. Mr. Jarrett’s extensive banking experience will be an asset as Cable Bahamas continues to expand the Company’s capital base. Mr. MacNab’s international law expertise will continue to strengthen our corporate governance initiatives.”

Commenting on the appointments to the Cable Bahamas’ board, Company Chairman Philip Keeping stated, “We are extremely pleased with the addition of individuals of George’s, Al’s and Gordon’s caliber and credentials to Cable Bahamas’ board. Mr. Mackey offers Cable Bahamas a host of both private and public company board experience. Mr. Jarrett’s extensive banking experience will be an asset as Cable Bahamas continues to expand the Company’s capital base. Mr. MacNab’s international law expertise will continue to strengthen our corporate governance initiatives.”

Mr. Keeping continued, “I am delighted that Richard has rejoined the Cable Bahamas’ management team in a leadership position. I am confident his ability to balance the technical, marketing and financial elements of a broadband business will continue to serve the shareholders well.”

Commenting on the resignations of Mr. Stubbs, Dr. Bethel and Mr. Paddick, Mr. Keeping stated, “I.G Stubbs and Keva Bethel have made outstanding contributions to the growth and development of Cable Bahamas during their nine-year tenure on Cable Bahamas’ board. There is no doubt that Cable Bahamas would not have developed to the same degree without their committed contribution. I am very pleased that Dr. Bethel has agreed to continue to serve as Chairman of the Cable Bahamas Cares Foundation. While Mr. Paddick has only served for two years, his enthusiastic and thoughtful contribution to the board and support of the company’s initiatives have left an indelible mark on the company. All three of these individuals will always be part of the Cable Bahamas’ family.”

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