Update Regarding Appeal of UBS Disputed Claims
May 06 2014 - 5:00PM
Marketwired
Update Regarding Appeal of UBS Disputed Claims
TORONTO, ONTARIO--(Marketwired - May 6, 2014) - In its press
releases dated May 22, 2013 and November 4, 2013, Unique Broadband
Systems, Inc. ("UBS" or the "Company") (TSX-VENTURE:UBS) previously
announced that (i) certain, but not all, of the claims of Jolian
Investments Limited ("Jolian") and Mr. Gerald McGoey were
disallowed in connection with the Company's ongoing CCAA
proceedings, and (ii) UBS was granted leave to appeal the Judgment
of the Honourable Madam Justice Mesbur in which she found that,
pursuant to its services agreement with UBS, Jolian was entitled to
an enhanced severance as a result of the termination of its
contract with UBS.
The Jolian parties subsequently brought a cross-appeal in
respect of the decision of the Honourable Madam Justice Mesbur to
disallow the Jolian parties' claims for: (1) payment in respect of
the cancellation of the Company's share appreciation rights plan;
(2) payment of a deferred bonus; and (3) indemnification in
addition to ordering that the Jolian parties repay all monies
previously advanced to them in the nature of indemnification.
The appeal and cross-appeal are scheduled to be heard on June
17, 2014. Shareholders are encouraged to refer to the section
entitled "Provisions and contingencies - Contingencies - Jolian
claims" in the Company's most recent MD&A.
About Unique Broadband Systems, Inc.
UBS's 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 costs 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 McCutcheonCEO(905)
660-8100