September 16, 2008 15:08 ET

Uniserve Communications Corporation Announces Sale of Parasun Technologies Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2008) - Uniserve Communications Corporation (the "Company") (TSX VENTURE:USS) is pleased to announce that it has entered into an agreement with an affiliate of Integrated BroadBand Services, LLC ("IBBS") whereby IBBS will acquire all of the outstanding shares of Parasun Technologies Inc., a wholly-owned subsidiary of the Company ("Parasun"), for US$20 million, subject to adjustments for, working capital . Parasun enables cable operators in the United States and Canada to sell high-speed internet services to their customers and was acquired by the Company in May 2007.

Pursuant to the agreement, US$2.5 million of the purchase price will be placed in escrow for one year in connection with the representations and warranties and certain tax matters. IBBS has also agreed to make a management payment of US$500,000 to Uniserve with respect to certain consulting services and for payment of certain severance obligations. The Company expects to use approximately US$13 million from the proceeds of the sale to repay all secured creditors of the Company.

The closing of the transaction, which is expected to occur by September 30, 2008, subject to a possible extension up to October 31, 2008 is subject to customary closing conditions, including third party consents, as well as IBBS' satisfactory review of certain agreements

About Uniserve Communications Corporation

Uniserve Communications is an industry leader in the integration and delivery of voice and data services over multiple IP networks including Cable, ADSL, BPL and Wireless Broadband. Uniserve, using its proprietary software, delivers digital voice and data services directly or through wholesale partnerships to over 250,000 small business and retail consumers throughout the United States and Canada. Uniserve is a publicly traded company listed on the Canadian TSX.V exchange under the trading symbol "USS".

For more information about Uniserve, its products and services please visit www.uniserve.com or www.parasun.com or www.kinzin.com.

Additional corporate and financial information may be found at www.sedar.com.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

On Behalf of the Board,

William Spratt, President and CEO

This press release contains information that constitutes "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding the expected sale of a subsidiary of the Company and timing; other, information and statements, and about possible future events, conditions, results of operations or performance. Forward-looking information is based on the estimates and opinions of the Company's management at the time the information is presented. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by law.

The TSX Venture Exchange does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Uniserve Communications
    William Spratt
    President and CEO
    (604) 395-3900
    Website: www.uniserve.com