Unique Broadband Systems, Inc.

Unique Broadband Systems, Inc.

April 23, 2014 17:01 ET

Unique Broadband Systems, Inc. Reports Second Quarter 2014 Results

TORONTO, ONTARIO--(Marketwired - April 23, 2014) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) today reported its operating and financial results for the second quarter of fiscal 2014, ended February 28, 2014.

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").
  • The loss before comprehensive loss for the quarter ended February 28, 2014 decreased by 80% to $228 compared to the three months ended February 28, 2013, due mainly to lower costs arising from the CCAA claims process.
  • UBS recorded loss and comprehensive loss of $1,060 or $0.10 per share, for the three months ended February 28, 2014, compared to a loss and comprehensive loss of $1,780, or $0.017 per share for the three months ended February 28, 2013.
  • Fair value of shares in ONEnergy Inc. currently held by UBS decreased by $832 to $2,218, due to a decrease in ONEnergy's bid prices as at February 28, 2014 to $0.08 per multiple voting share and $0.08 per subordinate voting share, compared to the respective bid prices as at August 31, 2013 of $0.10 and $0.10.
  • As at February 28, 2014, UBS held cash of $1,912 and short-term investments of $301, totaling $2,213, compared to cash of $2,869 as at August 31, 2013.
  • The Company's appeal and the Jolian Parties' cross-appeal of the Judgement of the Honourable Madam Justice Mesbur, which was released on May 21, 2013, are scheduled to be heard on October 15, 2014.

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, 2014 and 2013.

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
    (905) 660-8100