Unique Broadband Systems, Inc.

Unique Broadband Systems, Inc.

January 24, 2014 17:15 ET

Unique Broadband Systems, Inc. Reports First Quarter 2014 Results

TORONTO, ONTARIO--(Marketwired - Jan. 24, 2014) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) today reported its operating and financial results for the first quarter of fiscal 2014, ended November 30, 2013.

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

  • UBS continues to operate under the court approved Company Creditors Arrangement Act.
  • As previously reported, on October 31, 2013, UBS was granted leave to appeal the decision of the Honourable Madam Justice Mesbur of enhanced severance, released on May 21, 2013, pursuant to the claims submitted by Mr. McGoey and Jolian Investments Ltd (the "Jolian Parties"). On November 21, 2013, the Jolian Parties sought leave to cross-appeal the decision of the Honourable Madam Justice Mesbur.
  • UBS recorded income and comprehensive income of $43 or $nil per share, for the three months ended November 30, 2013, compared to a loss and comprehensive loss of $802, or $0.008 per share for the first quarter of 2012.
  • Fair value of shares in ONEnergy Inc. currently held by UBS increased by $277 to $3,050, due to an increase of $0.01 in ONEnergy's bid prices as at November 30, 2013 to $0.11 and $0.11 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 November 30, 2013, UBS held cash ($2,356) and short-term investments ($301) totaling $2,657, compared to cash of $2,869 as at August 31, 2013.

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 months ended November 30, 2013 and 2012.

About Unique Broadband Systems, Inc.

UBS' 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 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Unique Broadband Systems, Inc.
    Grant McCutcheon
    Chief Executive Officer
    (416) 613-2243