2013-01-23 23:17:55 -
TORONTO, ONTARIO -- (Marketwire) -- 01/23/13 -- Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) today reported its operating and financial results for the first quarter of fiscal 2013, ended November 30, 2012.
Recent operating and financial highlights (in thousands of dollars except per share amounts) include:
-- UBS continues to operate under the court approved Company Creditors
Arrangement Act ("CCAA").
-- UBS recorded a loss from operations of $683 for the three months ended
November 30, 2012, compared to income of $110 for the three months ended
November 30, 2011. The variance resulted from, among other things, the
expiration of the Look MSA on May 19, 2012, and professional fees
incurred as a result of the CCAA claims process currently underway.
-- As at November 30, 2012, UBS held cash and cash equivalents of $1,350
compared to $1,635 as at August 31, 2012. The decrease was due primarily
to the loss from operations and the settlement of accounts payable.
-- On January 11, 2013, UBS agreed to sell 12,430 multiple voting shares
and 14,630 subordinate voting shares of Look to 2092390 Ontario Inc., a
corporation controlled by Mr. Andrew Kim, subject to the approval of the
Court. If approved, the transaction would be for approximately half of
UBS' interest in Look.
UBS, through its equity interest in Look, continues to examine opportunities to maximize shareholder value.
For further information on UBS' financial results, please review UBS' unaudited condensed consolidated interim financial statements and management's discussion and analysis of financial condition and results of operations for the three months ended November 30, 2012 and 2011.
About Unique Broadband Systems, Inc.
UBS' 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 the future performance of UBS 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.
Unique Broadband Systems, Inc.
Chief Executive Officer