Unique Broadband Systems, Inc.

Unique Broadband Systems, Inc.

July 24, 2012 16:21 ET

Unique Broadband Systems, Inc. Reports Third Quarter 2012 Results

TORONTO, ONTARIO--(Marketwire - July 24, 2012) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) today reported its operating and financial results for the third quarter of fiscal 2012, ended May 31, 2012.

Recent operating and financial highlights (in thousands of dollars except per share amounts) include:

  • On March 13, 2012, UBS received $2,739 of the return of capital that Look paid to the holders of its shares equivalent to $0.05 for each outstanding multiple voting share and subordinate voting share.
  • UBS continues to operate under the court approved Company Creditors Arrangement Act.
  • For the three months ended May 31, 2012, UBS recorded revenue of $377 from fees earned pursuant to the Look Management Services Agreement, which expired on May 19, 2012.
  • UBS recorded a loss from operations of $774 for the three months ended May 31, 2012, compared to $1,711 for the three months ended May 31, 2011. The variance resulted from, amongst other things, lower operating costs, primarily due to lower professional fees during the third quarter of fiscal 2012.
  • At May 31, 2012, UBS held cash and cash equivalents of $2,544 compared to $945 at August 31, 2011. The increase is due primarily to the receipt of $2,739 as their share of Look's return of capital paid on March 13, 2012.

UBS, through its equity interest in Look, continues to offer administrative services to Look and to examine opportunities to maximize shareholder value.

For further information on UBS' financial results, please review UBS' condensed consolidated interim unaudited financial statements and management's discussion and analysis of financial condition and results of operations for the three and nine months ended May 31, 2012 and 2011.

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