Science & Technology
Science and TechnologyScience and Technology 
Tue, February 15, 2011
Unique Broadband Systems Announces that Institutional Shareholder Services and Glass, Lewis &; Co. Recommend Shareholders vote
TORONTO, Feb. 15 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSXV:UBS) announced that Institutional Shareholder Services Inc., ("ISS") and Glass, Lewis & Co. ("Glass Lewis") are recommending that shareholders vote FOR the Capital Distribution Resolution, to be submitted to UBS shareholders at an Annual and Special Meeting of Shareholders scheduled for February 25, 2011.
ISS and Glass Lewis are leading independent international corporate governance analysis and proxy voting firms. Their recommendations assist shareholders to make decisions regarding proxy voting.
In recommending that shareholders vote to approve the Capital Distribution Resolution, ISS stated in its report*:
"The return of capital to shareholders is consistent with UBS' stated strategy and the platform on which the current directors were elected in July and is reasonable in the circumstances. Support is warranted."
In recommending that shareholders vote to approve the Capital Distribution Resolution, Glass Lewis stated in its report*:
"Given that a majority of shareholders supported this strategy and that the board is attempting to pursue such, we believe this proposal is reasonable and in the best interests of shareholders. Accordingly, we recommend that shareholders vote FOR this proposal."
"We are pleased that both ISS and Glass Lewis share our view that UBS shareholders should vote FOR the Capital Distribution Resolution and we welcome their independent endorsement" said Grant McCutcheon, CEO of UBS. "We urge shareholders of UBS to lend their support by voting for the Capital Distribution Resolution and the re-election of the current board to ensure that we can continue to carry out our important work."
If the Capital Distribution Resolution is approved, the board would have the authority, acting in its sole discretion, to reduce the stated capital of the Company's common shares in the future through (a) a return of capital; (b) a dividend or other distribution; or (c) another form of payment, including in connection with a potential repurchase of common shares by an amount up to the total stated capital of the shares. Any such future capital distribution, if it occurs, will be dependent on a number of factors including, among other things, a favourable resolution of all outstanding legal claims against the Company and the amount of cash received by the Company as a result of it's investment in Look Communications Inc.
A Management Information Circular, dated February 4, 2011 has been mailed to shareholders and filed on SEDAR ([ www.sedar.com ]). The circular contains, among other items, details regarding the Capital Distribution Resolution, the business of UBS and certain historical and pro forma financial information relating to UBS.
*Permission to quote from the ISS and Glass Lewis reports was neither sought nor obtained.
About the Special Meeting
The Annual and Special Meeting of Shareholders of UBS will be held at 1 First Canadian Place, 100 King Street West, Suite 1600, Toronto, Ontario, Canada on February 25, 2011 at 2 P.M. (Toronto time).
In order for their votes to be counted at the meeting, shareholders must vote their proxy by no later than February 23, 2011 at 5 P.M. (EST). Shareholders who require assistance in voting their proxy may direct their inquiry to UBS' proxy solicitation agent, Kingsdale Shareholder Services Inc., 1-866-851-2571 or [ contactus@kingsdaleshareholder.com ]
About Unique Broadband Systems, Inc.
UBS's shares are listed on the TSX Venture Exchange under the symbols "UBS". More information UBS can be found at [ www.sedar.com ].
Forward-Looking Statement
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of the Company 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 the Company 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 the Company that actual results achieved will be the same in whole or in part as those forecasts.
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.