Unique Broadband Systems, Inc. Reports Third Quarter 2014 Results

TORONTO, ONTARIO--(Marketwired - July 28, 2014) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS.H) today reported its operating and financial results for the third quarter of fiscal 2014, ended May 31, 2014.

Recent operating and financial highlights (in thousands, except per share amounts) include:

• As previously reported and pursuant to the Ontario Court of Appeal decision released on July 10, 2014, granting UBS' appeal and dismissing the Jolian Parties' cross-appeal, during the quarter ended May 31, 2014:
  • UBS reversed Jolian's accrued enhanced severance of $2,853, and
  • the Ontario Court of Appeal awarded costs to UBS for both the trial between the Jolian Parties and UBS which completed on March 1, 2013 and the appeal and cross-appeal heard on June 17, 2014, which UBS estimates to total $1,450 on a substantial indemnity scale.
• UBS recorded income before comprehensive income of $4,168, compared to a loss before comprehensive loss of $787 for the comparative quarter of fiscal 2013.
• Fair value of ONEnergy shares currently held by UBS decreased by $645 to $1,573, due to a decrease in ONEnergy's bid prices as at May 31, 2014 to $0.065 and $0.05 per multiple voting share and subordinate voting share respectively, compared to the respective bid prices as at August 31, 2013 of $0.10 and $0.10.
• As at May 31, 2014, UBS held cash and short-term investments totaling $2.1 million, compared to cash of $2.9 million as at August 31, 2013.
• UBS continues to operate under the Companies' Creditors Arrangement Act ("CCAA").

For further information on UBS' financial results, please review UBS' unaudited condensed consolidated interim financial statements and management's discussion and analysis of financial condition and results of operations for the three and nine months ended May 31, 2014 and 2013.

About Unique Broadband Systems, Inc.

UBS' shares are listed on the NEX under the symbols "UBS.H". More information on UBS can be found at www.sedar.com.

The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of UBS that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by UBS at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by UBS that actual results achieved will be the same in whole or in part as those forecast.

Neither the NEX nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.