April 10, 2007 09:00 ET

Uniserve Communications Corporation Signs Definitive Agreement to Acquire Parasun Technologies Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2007) - Uniserve Communications Corporation (TSX VENTURE:USS) ("Uniserve") is pleased to announce that further to its announcement on February 5, 2007, the Company has signed a Definitive Agreement with principal shareholders to acquire Parasun Technologies Inc.("Parasun"), a private British Columbia based technology company. Uniserve will pay $10 million on closing and up to an additional $2.5 million based on the company achieving its performance targets. Parasun is a software and services company that enables cable operators and electric utilities in the United States and Canada to sell high-speed data services and other IP services to their customers. The company is an industry leader, providing high-speed internet services to over 140,000 end-users and has enjoyed organic growth in excess of 30% annually over the past three years with annual sales of approximately $10 million and EBITDA of approximately $1.5 million. Over 80% of its revenues originate in the United States. "We are looking forward to working with the excellent management team at Parasun;" says Wil Spratt, President and CEO of Uniserve, "our respective product and service capabilities are complementary and we believe the combination will benefit the performance of both companies." Combined revenues based on existing run-rates in both companies should reach approximately $35 million over the next 12 months.

The acquisition, expected to close in mid-May, is subject to the customary conditions including financing, regulatory approval and agreement by the remaining shareholders of Parasun.

About Uniserve Communications Corporation:

Uniserve Communications delivers voice and data communications services to businesses and consumers in urban and rural markets across Canada. Uniserve is an industry leader in the integration of voice and data services over multiple IP networks including Cable, ADSL and Wireless Broadband. To deliver services over these networks, Uniserve has developed a proprietary ordering and provisioning system that allows customers to dynamically customize their own services, test new technologies and receive support through web portals and an award-winning call centre. Uniserve is a publicly traded company listed on the Canadian TSX Venture exchange under the trading symbol "USS".

For more information about Uniserve, its products and services please visit 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

For more information or to coordinate an interview with representatives of Uniserve Communications Corporation or Inter.net Canada, please see contact below.

The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.

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

Contact Information

  • Uniserve Communications
    John Vickerstaff
    Vice President of Sales & Marketing
    (604) 647-0620
    Website: www.uniserve.com