VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2016) - Uniserve Communications Corporation (TSX VENTURE:USS) (the "Company") is pleased to announce that as a continuing part of the Board of Directors corporate restructuring plan, it has increased the private placement disclosed in its October 13, 2016 Press Release from 15,000,000 Units to 35,000,000 Units with each Unit consisting of one common share and one transferrable two year share purchase warrant exercisable at $0.05 per share during year one, and $0.06 per share during year two. Total proceeds of $1,750,000 will be used to satisfy the settlements disclosed in the December 7, 2016 Press Release and the balance for working capital. The placement is anticipated to close in the next thirty days and over half will be taken by management, employees and insiders of the Company. Cash fees of $25,500 and 4,216,000 warrants issued on the same terms and conditions as the Units, will be issued in consideration of this placement.
Uniserve Communications Corporation (TSX VENTURE:USS) is a leader in the integration and delivery of voice and data services over multiple IP networks directly and through wholesale partnerships to businesses and retail consumers throughout western Canada. In the B2B sector, Uniserve also offers services ranging from data storage, automatic file backups, managed service platforms, firewalls, application hosting and guaranteed constant internet connectivity, all backed by Vancouver based technical support. Uniserve currently has over 13,000 active business, residential and wholesale customers combined, providing over 45,000 active services. This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. Learn more at www.uniserve.com or at www.sedar.com.
Michael C. Scholz
Chairman of the Board
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.