September 29, 2010 19:20 ET

Highlights of Uniserve 2010 Annual Results

NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2010) - Uniserve Communications Corp. (TSX VENTURE:USS) announced significantly improved operating results for the year ended May 31, 2010. The Company reported a net income of $1,251,000 or $0.05 per share for the year compared to a net loss of ($92,000) for the prior year. Operating income for the year was $170,000 compared to an operating loss of ($1,583,000) last year.

The Company reported EBITDA of $1,251,000 for the year ended May 31, 2010 compared to EBITDA of ($10,000) for the prior year. The significant positive impact on the operations was due to the Company improving its operational efficiencies, restructuring its accounts payable with its main telecommunication service providers and reaching an agreement with its preferred shareholders.

The Company has significantly improved its liquidity this year as its working capital position has improved by $2,164,000. During the past year, the Company has focused on maximizing its operational efficiencies and on strengthening its balance sheet. The company looks forward to continued improvements in these areas as we focus on providing new products and services to our 50,000 customers across Canada.

For more information about Uniserve, its products and services please visit www.uniserve.com, www.kinzin.com, and www.qconnect.ca. Additional corporate and financial information may be found at www.sedar.com.

On Behalf of the Board,

Michael Schmidt, President and CEO

For more information or to coordinate an interview with representatives of Uniserve Communications Corporation please see contact information.

The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Uniserve Communications Corporation
    Michael Schmidt
    President and CEO