Unique Broadband Systems, Inc.

Unique Broadband Systems, Inc.

November 15, 2013 17:21 ET

Unique Broadband Systems, Inc. Reports Fiscal 2013 Results

TORONTO, ONTARIO--(Marketwired - Nov. 15, 2013) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) today reported its operating and financial results for the year ended August 31, 2013.

Operating and financial highlights included the following:

  • UBS continues to operate under the court approved Company Creditors Arrangement Act.
  • On February 19, 2013, UBS sold 12,430,000 multiple voting shares and 14,630,000 subordinate voting shares of ONEnergy Inc. for $0.14 per share, or $3.8 million, generating a gain of $0.45 million.
  • On May 21, 2013, the Honourable Madam Justice Mesbur released Reasons for Decision, pursuant to the claims submitted by Mr. McGoey and Jolian Investments Ltd. As a result, the Company reversed $2.0 million of accrued restructuring liabilities due to related parties, and accrued an enhanced severance estimated by management to be $2.9 million. On October 31, 2013, UBS was granted leave to appeal the decision of enhanced severance and is currently proceeding with the appeal.
  • Operating expenses totalled $2.4 million, a decrease of 11.3% over the $2.7 million recorded during fiscal 2012.
  • UBS recorded a loss from operations for the year of $3.0 million, compared to a loss of $2.0 million for 2012. The variance resulted from, among other things, costs associated with the advancement of the CCAA process, and the expiration of the Management Services Agreement with ONEnergy Inc. on May 19, 2012.
  • As at August 31, 2013, UBS held cash and cash equivalents of $2.9 million, compared to $1.6 million as at August 31, 2012.

For further information on UBS' financial results, please review UBS' audited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the years ended August 31, 2013 and 2012.

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 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
    (905) 660-8100