Unique Broadband Systems, Inc. Announces Agreement to Sell Half of Its Look Shares

TORONTO, ONTARIO--(Marketwire - Jan. 14, 2013) - On November 9, 2012, Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) announced the approval by the Ontario Superior Court of Justice (the "Court") of a process pursuant to which UBS sought offers for the purchase of all or part of the 24,864,478 multiple voting shares and 29,921,308 subordinate voting shares of Look Communications Inc. ("Look") that UBS holds indirectly through its wholly-owned subsidiary, UBS Wireless Services Inc. These shares represent a 39.2% economic interest and a 37.6% voting interest in Look. The sales process was run by Duff & Phelps Canada Restructuring Inc. in its capacity as monitor of UBS under the Companies Creditors' Arrangement Act.

A special committee of UBS's board of directors comprised of Messrs. Vic Wells and Kenneth Taylor reviewed and considered all of the offers received pursuant to the sales process and today announce that UBS has agreed to sell 12,430,000 multiple voting shares and 14,630,000 subordinate voting shares of Look to 2092390 Ontario Inc., a corporation controlled by Mr. Andrew Kim, subject to approval of the Court. Further particulars of the agreement will be detailed in materials to be filed with the Court seeking approval of the offer. If approved, the transaction would be for approximately half of UBS's interest in Look. Following the successful completion of the proposed sale, UBS will indirectly own 12,434,478 multiple voting shares and 15,291,308 subordinate voting shares, representing a 19.8% economic interest and a 18.8% voting interest in Look.

The proposed transaction for the sale of the Look shares is conditional only upon approval by the Court and receipt of all necessary regulatory approvals, if any. The proposed transaction does not involve any non-arm's length parties to UBS or its insiders and no finder's fees are payable.

All communication relating to the sales process should continue to be directed to the monitor. For more information, please contact Mitch Vininsky of Duff & Phelps at (416) 932-6013.

About Unique Broadband Systems, Inc.

UBS's shares are listed on the TSX Venture Exchange under the symbols "UBS". 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 costs 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.