Unique Broadband Systems, Inc.

TSX VENTURE : UBS


Unique Broadband Systems, Inc.

May 06, 2014 17:00 ET

Update Regarding Appeal of UBS Disputed Claims

TORONTO, ONTARIO--(Marketwired - May 6, 2014) - In its press releases dated May 22, 2013 and November 4, 2013, Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX VENTURE:UBS) previously announced that (i) certain, but not all, of the claims of Jolian Investments Limited ("Jolian") and Mr. Gerald McGoey were disallowed in connection with the Company's ongoing CCAA proceedings, and (ii) UBS was granted leave to appeal the Judgment of the Honourable Madam Justice Mesbur in which she found that, pursuant to its services agreement with UBS, Jolian was entitled to an enhanced severance as a result of the termination of its contract with UBS.

The Jolian parties subsequently brought a cross-appeal in respect of the decision of the Honourable Madam Justice Mesbur to disallow the Jolian parties' claims for: (1) payment in respect of the cancellation of the Company's share appreciation rights plan; (2) payment of a deferred bonus; and (3) indemnification in addition to ordering that the Jolian parties repay all monies previously advanced to them in the nature of indemnification.

The appeal and cross-appeal are scheduled to be heard on June 17, 2014. Shareholders are encouraged to refer to the section entitled "Provisions and contingencies - Contingencies - Jolian claims" in the Company's most recent MD&A.

About Unique Broadband Systems, Inc.

UBS's shares are listed on the TSX Venture Exchange under the symbols "UBS". More information on UBS can be found at www.sedar.com.

The corporate information contained in this release includes forward-looking statements regarding future events and costs that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by UBS at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by UBS that actual results achieved will be the same in whole or in part as those forecast.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Unique Broadband Systems, Inc.
    Grant McCutcheon
    CEO
    (905) 660-8100