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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Unique Broadband Systems, Inc. Reports First Quarter 2013 Results

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.

Contacts:
Unique Broadband Systems, Inc.
Grant McCutcheon
Chief Executive Officer
(416) 613-2243

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Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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