Unique Broadband Systems, Inc.

Unique Broadband Systems, Inc.

December 23, 2015 17:15 ET

Unique Broadband Systems, Inc. Reports Fiscal 2015 Results and Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Dec. 23, 2015) - Unique Broadband Systems, Inc. ("UBS" or the "Company") (NEX:UBS.H) today reported its financial results for the year ended August 31, 2015.

Financial highlights (in thousands, except per share amounts) include the following:

  • UBS recorded loss before comprehensive income of $0.72 million or $0.007 per share, basic and diluted, for the year ended August 31, 2015, compared to income before comprehensive loss of $3.21 million or $0.032 per share, basic and diluted, for the year ended August 31, 2014.
  • As at August 31, 2015, UBS held cash of $0.34 million, compared to cash and short-term investments totaling $2.04 million as at August 31, 2014. As previously reported, the decrease in cash was mainly due to the payment of certain claims under the Companies' Creditors Arrangement Act totaling in aggregate $1.04 million.

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, 2015 and 2014, available on www.sedar.com.

Corporate Update

UBS is pleased to announce that, in accordance with the Order of the Ontario Superior Court of Justice of February 26, 2015, the proceedings under the Companies' Creditors Arrangement Act ("CCAA") in respect of Unique Broadband Systems, Inc. and UBS Wireless Services Inc. have been successfully concluded. The Termination Certificate, confirming that all conditions set out by the court have been satisfied and bringing the proceedings to an end, has now been filed by the Monitor.

Going forward, the Company intends to actively review UBS' prospects and opportunities to best utilize its assets and capital so as to maximize long-term value for shareholders, whether through acquisitions, mergers, other transactions or in some other way.

To support these strategic efforts and in order to strengthen the Company's financial position and address its liquidity requirements, the Company continues to consider and evaluate, on an ongoing basis, all alternatives available to it. These alternatives include, without limitation, seeking additional sources of financing, identifying and pursuing strategic partnerships, raising additional debt or equity and other value enhancing opportunities.

About Unique Broadband Systems, Inc.

UBS' shares 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

  • Daniel S. Marks
    Interim Chief Executive Officer
    (905) 660-8100