Unique Broadband Systems, Inc. Reports First Quarter 2014 Results
January 24 2014 - 5:15PM
Marketwired
Unique Broadband Systems, Inc. Reports First Quarter 2014 Results
TORONTO, ONTARIO--(Marketwired - Jan 24, 2014) - Unique
Broadband Systems, Inc. ("UBS") (TSX-VENTURE:UBS) today reported
its operating and financial results for the first quarter of fiscal
2014, ended November 30, 2013.
Recent operating and financial highlights (in thousands, except
per share amounts) include:
- UBS continues to operate under the court approved Company
Creditors Arrangement Act.
- As previously reported, on October 31, 2013, UBS was granted
leave to appeal the decision of the Honourable Madam Justice Mesbur
of enhanced severance, released on May 21, 2013, pursuant to the
claims submitted by Mr. McGoey and Jolian Investments Ltd (the
"Jolian Parties"). On November 21, 2013, the Jolian Parties sought
leave to cross-appeal the decision of the Honourable Madam Justice
Mesbur.
- UBS recorded income and comprehensive income of $43 or $nil per
share, for the three months ended November 30, 2013, compared to a
loss and comprehensive loss of $802, or $0.008 per share for the
first quarter of 2012.
- Fair value of shares in ONEnergy Inc. currently held by UBS
increased by $277 to $3,050, due to an increase of $0.01 in
ONEnergy's bid prices as at November 30, 2013 to $0.11 and $0.11
per multiple voting share and subordinate voting share
respectively, compared to the respective bid prices as at August
31, 2013 of $0.10 and $0.10.
- As at November 30, 2013, UBS held cash ($2,356) and short-term
investments ($301) totaling $2,657, compared to cash of $2,869 as
at August 31, 2013.
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, 2013
and 2012.
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.Grant McCutcheonChief Executive
Officer(416) 613-2243