Uniserve Communications Corporation

August 11, 2011 14:15 ET

Uniserve Discounts and Settles Its Long-Term Trade Debt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - Uniserve Communications Corp. (the "Company") (TSX VENTURE:USS) has completed a settlement of their long term trade debt. The Company had previously restructured its overdue accounts payable with the trades, initially forgiving approximately $1,300,000 of the overdue amounts owing. In this latest settlement, Uniserve was able to realize an additional $600,000 in forgiveness in exchange for a one-time lump sum payment to clear the balance. With this transaction, Uniserve has freed itself of its legacy indebtedness that had accumulated over several years. Uniserve had been working diligently over the past two years to clear these obligations by working closely with their Vendor partners while transitioning the Company into the Cloud Computing and Cloud Communication Market.

The Company is also pleased to announce that it has granted up to 2,800,000 common shares pursuant to incentive stock options to certain of its directors and employees under the Company's Rolling Stock Option Plan, which received shareholder approval at its last Annual General Meeting held December 10, 2010. The options will be granted for a 3 year period at the exercise price of $0.10 per share subject to TSX Venture Exchange approval.

Uniserve Communications (TSX VENTURE:USS) is an industry leader in the integration and delivery of voice and data services over multiple IP networks directly or through wholesale partnerships to businesses and retail consumers throughout Canada. Learn more at www.uniserve.com or at www.sedar.com.

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

Michael Schmidt, CEO

Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release.

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  • Uniserve Communications Corporation
    Michael Schmidt