CityWest Increases Annual Distribution Payment to Shareholder

Dec 10, 2019

PRINCE RUPERT – Today, CityWest presented its sole shareholder, the City of PrinceIMG_2758 Rupert, with a $600,000 distribution payment, a 50 per cent increase from the previous year.

“We’re very happy to increase our distribution payment to the City this year,” said Chris Marett, CEO of CityWest. “It’s an indicator of how well we’re doing, and how far we’ve come as one of the leading companies of Northern B.C.”

The larger payment is a result of CityWest’s healthy financial state, which is a result of a growing subscriber base, increases in month-to-month and year-over-year revenue, and effective control over costs. “But the main reason for the increase is our amazing people, who work hard each day with one goal in mind: to provide a great experience to our customers,” said Marett.

Over the past year, CityWest has strengthened its network area, which now expands all the way east to Calgary and south to Seattle. Additionally, the company has launched great new products like Quantum Gigabit, completed over 50 per cent of the fibre build in Prince Rupert, re-opened its storefront in Kitimat, and negotiated a five-year collective agreement that consolidated three unions into one.

“As a community, we should be proud of the fact that we have a local telecommunications company, employing more local residents, circulating more local dollars into the regional economy, and providing a direct benefit to the shareholder, the City of Prince Rupert, and by extension to the community at large,” said Bob Long, Chair of the Board for CityWest.

And the company isn’t slowing down anytime soon. Looking into 2020, CityWest plans to expand its wifi services, offering new ways for customers to manage all their Internet-based devices on their home networks. They will also be expanding their fibre footprint in Prince Rupert, as well as launching services in new communities like Kitwanga and South Hazelton.

“We are entering the new year in a very strong financial position, and we are looking forward to providing our new and current customers with great products and services,” said Marett. “And, above all, we’re going to provide customers great experiences with our company.”

Since it spun out into a corporation in 2005, CityWest has provided the City of Prince Rupert with $8.1 million in dividends and distribution payments, as well as over $1.9 million in local taxes and levies