TORONTO, ONTARIO--(Marketwired - April 29, 2013) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) today reported its operating and financial results for the second quarter of fiscal 2013, ended February 28, 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 ("CCAA"). A trial was held in the Ontario Superior Court of Justice between UBS and the Jolian Parties, which was completed on March 1, 2013. The Court decision has not been issued.
- On February 19, 2013, UBS sold 12,430 multiple voting shares and 14,630 subordinate voting shares in Look to 2092390 Ontario Inc. for $0.14 per share, or $3,788. This transaction reduced the Company's holdings to a 19.8% economic interest in Look and, upon determination that the Company no longer has significant influence, effective February 20, 2013, accounts for its investment in Look using the fair value method.
- UBS recorded a loss from operations of $1,454 for the three months ended February 28, 2013, compared to $847 for the three months ended February 29, 2012. The 71.7% increase in 2013 resulted from, among other things, the expiration of the Management Services Agreement with Look on May 19, 2012, and costs associated with advancing the CCAA claims process.
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 and six months ended February 28, 2013 and February 29, 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.