September 28, 2005 21:03 ET

Uniserve Communications Corporation Releases Annual Statements and Solidifies Corporate Repositioning

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 28, 2005) - Uniserve Communications Corporation ("Uniserve")(TSX VENTURE:USS) has released its financial statements for the year ended May 31, 2005 with positive results despite undergoing a significant corporate repositioning and operational consolidation.

Revenues continued to grow in F'2005 with an increase of $1.41 million delivering consolidated revenues of $13.65 million. This 12 % increase in F'2005 follows a 36% increase in revenues for F'2004. Revenue growth for F'2005 is primarily driven by the acquisition of Interbaun Communications contributing $1.37 million. Total liabilities reduced from $8 Million to $5.9 Million and include $1.0 Million raised for the Interbaun acquisition.

"The most significant results from F'2005 are the improvements in our financial metrics" says Uniserve CEO Wil Spratt. "Debt has reduced significantly while EBITDA has remained strong at $1.5 million. Improvements in service delivery costs and a consolidation of operations have put us in a stronger position for future growth".

Net service delivery costs from consolidated operations decreased by 2% to 5.0 million. This reduction was realized despite the one time settlement of related party contracts at $0.4 million and the termination of long term leases from acquired companies totaling $0.3 million. With these unusual items removed, operations and service delivery costs decreased by 0.8 million or 15.8%.

"Uniserve is a very different company than it was a year ago," says Spratt. "In the past, we were an Internet Service Provider with a customer base cobbled together from the acquisition of 26 independent Internet Service Providers. Today, Uniserve is well positioned in the rapidly evolving communications landscape, delivering a wide range of Voice and Data services over telephone, cable and wireless networks to roughly 70,000 small business and residential customers across Canada".

More information on the company and its products and services can be found on its web site www.uniserve.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

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

Contact Information

  • Uniserve Communications Corporation
    William Spratt
    President and CEO
    (604) 687-8030
    (604) 687-8130 (FAX)