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Unique Broadband Systems, Inc. Reports Third Quarter 2011 Results

^{Published on 2011-07-21 14:16:48 - Market Wire}
 

TORONTO, July 21, 2011 /CNW/ - Unique Broadband Systems, Inc. ("UBS") (TSXV: UBS) today reported its operating and financial results for the third quarter of fiscal 2011, ended May 31, 2011.

Recent operating and financial highlights:

• Cash and cash equivalents at May 31, 2011 totalled $1.6 million, which represents a decrease of $2.8 million from August 31, 2010. This decrease is due primarily to UBS' payment of restructuring accruals, severance payments due to contract terminations and ongoing administrative costs from continuing operations.
  
  
• Revenue of $0.4 million represents UBS management fees charged to Look under the MSA for the three month period ending May 31, 2011.
  
  
• Operating expenses for the quarter ended May 31, 2011 totalled $1.4 million, due principally to ongoing operations, a net decrease of $0.6 million for the same period last year.
  
  
• The net loss for the quarter ended May 31, 2011 was $1.7 million, or a basic loss per share of $0.02.

• On July 5, 2011, UBS announced that it and its wholly owned subsidiary UBS Wireless Systems Inc. has commenced proceedings under the Companies' Creditors Arrangement Act (the "CCAA") and that the court has made an order staying all proceedings against the Company and its directors until August 5, 2011. RSM Richter Inc. (the "Monitor") has been appointed as the Monitor of UBS. Further information with respect to the CCAA proceedings can be found on the Monitor's website at [ www.rsmrichter.com ].

UBS, through its equity interest in Look, plans to continue to offer administrative services to Look and to examine opportunities to maximize shareholder value.

For further information on UBS' financial results, please review UBS' interim unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the three and nine months ended May 31, 2011 and 2010, as well as UBS' annual audited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the years ended August 31, 2010 and 2009.

About Unique Broadband Systems, Inc.

UBS's shares are listed on the TSX Venture Exchange under the symbol "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.