February 19, 2007 16:05 ET

Uniserve Communications Corporation Uniserve Acquires Professional IT Services Business

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 19, 2007) - Uniserve (TSX VENTURE:USS) is pleased to announce that it has taken over the business operations of an established IT services company that offers technical services to small and medium sized enterprises (SME) that include on-site IT managed services, data centre co-location, VoIP integration, secure hosting, and software development. The company has been in operation for a number of years and last year had sales in excess of $3 million.

The purchase price of the business is a 33% share of the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for a period of 24 months. In a related transaction, to fund the working capital requirements of this business, USS will issue 1 million shares at 50 cents with a warrant to acquire an additional 500,000 shares at 75 cents for a period of 18 months. No debt will be assumed and a minimum of $250,000 cash will be available after the purchase and completion of the share issuance to grow the business. No finders fee will be payable and the share issuance will be subject to Regulatory approval.

With this transaction USS secures a position in the growing managed IT services marketplace and rounds out its small business offerings that include a nationwide data services network, a wide range of shared hosting services, and "live agent" customer service.

In addition, the company wishes to announce that all warrants, except for the 500,000 recently announced with respect to the renegotiation of certain company loans, and including those at 65 cents that were to expire Dec 31, 2007, have either expired, exercised or been released. That number totals 3,050,000 Warrants.

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 service 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 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. 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 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.

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

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