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Unique Broadband Systems, Inc. Announces Sale of Half of Its Look Shares
By: Marketwired .
Feb. 19, 2013 06:18 PM
TORONTO, ONTARIO -- (Marketwire) -- 02/19/13 -- On January 14, 2013, Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) announced its agreement to sell (the "Sales Transaction") 12,430,000 multiple voting shares and 14,630,000 subordinate voting shares of Look Communications Inc. ("Look") to 2092390 Ontario Inc., subject to approval of the Ontario Superior Court of Justice (the "Court"). The Sales Transaction is the result of a Court approved sale process pursuant to which UBS sought offers for the purchase of all or part of the interest in Look that UBS holds indirectly through its wholly-owned subsidiary, UBS Wireless Services Inc. The sales process was run by Duff & Phelps Canada Restructuring Inc. (the "Monitor") in its capacity as monitor of UBS under the Companies Creditors' Arrangement Act.
Approval of the Sales Transaction was granted by the Court on Friday, February 15, 2013 and the Sales Transaction closed on February 19, 2013 for gross proceeds of $3,788,400 (representing a purchase price of $0.14 per share). UBS now indirectly owns 12,434,478 multiple voting shares and 15,291,308 subordinate voting shares, representing a 19.8% economic interest and 18.8% voting interest in Look.
The Sales Transaction was opposed by Niketo Co. Ltd. ("Niketo"), a creditor of UBS who announced on January 7, 2013 its purchase from corporations associated with Mr. Alex Dolgonos of approximately 11% of UBS' outstanding shares and its agreement to acquire an additional 8.5 million UBS shares (in a transaction that Niketo announced was intended to close on or before January 8, 2013 and which, once closed, would increase Niketo's ownership interest in UBS to approximately 19.3%). Niketo is a wholly-owned subsidiary of NWT Uranium Corp., a company listed on the TSX Venture Exchange. Over the past few weeks, Niketo has brought two separate motions seeking Court approval of two different plans of compromise or arrangement in lieu of the Court's approval of the Sales Transaction. Niketo's motions were opposed by UBS and the Monitor. The Court denied both motions. Niketo also sought an order from the Court of Appeal for Ontario staying the effect of the Sales Transaction approval order. On February 19, 2013, the Court of Appeal denied the request for a stay.
Niketo's motion materials, UBS' responding materials and the Monitor's reports related thereto are available on the Monitor's website at www.duffandphelps.com.
UBS further announces that the trial to determine the disputed claims asserted against UBS by Mr. Gerald McGoey and Jolian Investments Ltd. commenced today in the Ontario Superior Court of Justice.
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.
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