Unique Broadband Systems, Inc. Reports Second Quarter 2015 Results and Shareholder Meeting Reminder

TORONTO, ONTARIO--(Marketwired - April 24, 2015) - Unique Broadband Systems, Inc. ("UBS") (NEX:UBS.H) today reported its operating and financial results for the second quarter of fiscal 2015, ended February 28, 2015.

SPECIAL MEETING OF SHAREHOLDERS

The board wishes to remind shareholders of the Special Meeting to be held May 4, 2015. This meeting is very important and requires shareholder attention. At the Special Meeting, shareholders will be asked to determine the future of UBS by electing a new board of directors from six nominees.

Two shareholders, Mr. Robert Ulicki and Mr. Alex Dolgonos, have each expressed an interest in appointing a new board of directors who will assume responsibility for directing UBS' post-CCAA (Company Creditors Arrangement Act) business, with substantively different plans for the business of the company and its remaining assets going forward.

Details regarding the proposed board nominees and other relevant information are available on the company's website at www.uniquebroadband.com. We urge shareholders to review these materials and to then attend the meeting on May 4, 2015. If you are not able to attend, please complete, date, sign and return your proxy form so that your shares will be represented at the meeting, or vote your shares online. A link for electronic voting is available on the company's website.

OPERATING AND FINANCIAL HIGHLIGHTS

• Pursuant to The Superior Court of Justice Order issued February 26, 2015, UBS anticipates that it will exit CCAA on or before May 15, 2015. The new board will have final responsibility to conclude the CCAA proceedings.
• As previously reported, on February 26, 2015 The Superior Court of Justice issued an Order that, amongst other things, extends the Stay Period to May 15, 2015 and authorizes and directs UBS to pay certain claims totalling in aggregate $1.04 million on or before the later of May 4, 2015 and the determination of claims made by former director Douglas Reeson, which have since been determined.
• Settlement of the Reeson claims resulted in a reversal of an accrued contingent award of $465 plus accrued interest of $80, and accrued board fees of $11 during the second quarter 2015. Mr. Reeson agreed to the return of $50 of a $120 advance approved by the former board of directors during fiscal 2010 to a professional firm on Mr. Reeson's behalf. $15 was paid to UBS by Mr. Reeson on February 27, 2015 with $35 to be paid on or before April 30, 2015. The settlement reflects miscellaneous recovery of $10 and the remaining balance of the advance, totaling $56, was expensed during the quarter ended February 28, 2015.
• UBS recorded income before comprehensive income of $232 for the three months ended February 28, 2015, compared to loss before comprehensive loss of $228 for the three months ended February 28, 2014.
• Fair value of ONEnergy shares held by UBS increased by $248 during the quarter ended February 28, 2015 to $2,037, due to an increase in ONEnergy's bid prices as at February 28, 2015 to $0.09 and $0.06 per multiple voting share and subordinate voting share respectively (November 30, 2014 - $0.07 and $0.06 respectively).
• As at February 28, 2015, UBS held cash and short-term investments totaling $1,437, compared to $2,042 as at August 31, 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, 2015 and 2014.

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.