Unique Broadband Systems, Inc.

Unique Broadband Systems, Inc.

December 18, 2014 18:48 ET

Unique Broadband Systems, Inc. Reports Fiscal 2014 Results

TORONTO, ONTARIO--(Marketwired - Dec. 18, 2014) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS.H) today reported its operating and financial results for the year ended August 31, 2014.

Operating and financial highlights included the following:

  • UBS continues to operate under the court approved Company Creditors Arrangement Act.
  • As at August 31, 2014, UBS held cash and cash equivalents of $2.0 million, compared to $2.9 million as at August 31, 2013.
  • Effective June 27, 2014, the UBS listing was transferred to NEX and its Tier classification changed from Tier 2 to NEX, in accordance with TSX Venture Policy 2.5.
  • As previously reported, pursuant to the Ontario Court of Appeal decision released on July 10, 2014, granting the company's appeal and dismissing the cross-appeal brought by former director and CEO Gerald McGoey and his personal service company Jolian Investments Ltd., (together referred to as the "Jolian Parties"):
    • The Company reversed the Jolian Parties' accrued enhanced severance of $2.9 million.
    • The Ontario Court of Appeal awarded costs to UBS for both the Jolian Trial heard in February and March 2013 and the appeal and cross-appeal heard on June 17, 2014. Costs of the appeal were set at $60,000 and on December 8, 2014 the trial judge awarded costs on a substantial indemnity scale of $1,324,000.
    • The costs orders and the $200,000 disgorgement order of Justice Mesbur in May 2013 total $1,584,000. This amount is joint and severally owed to UBS by the Jolian Parties.
  • UBS recorded income before comprehensive income for the year ended August 31, 2014 of $3.2 million, compared to a loss before comprehensive loss of $3.0 million for the year ended August 31, 2013.
  • Fair value of ONEnergy Inc. shares currently held by the company decreased by $492,000 to $2.3 million, due to a decrease in ONEnergy's bid prices as at August 31, 2014 to $0.085 and $0.08 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.

For further information on the financial results of UBS, please review the UBS audited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the years ended August 31, 2014 and 2013.

About Unique Broadband Systems, Inc.

Shares of UBS are listed on the NEX under the symbol "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.

Contact Information

  • Grant McCutcheon, Chief Executive Officer
    (905) 660-8100