TORONTO, May 31, 2011 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or
the "Company") (TSX Venture: UBS) announced today that in connection
with the claims and counterclaims involving, among others, Jolian
Investments Limited, Gerald McGoey, DOL Technologies Inc. and Alex
Dolgonos (the "Plaintiff Group"), the court has rendered a decision in
connection with motions for summary judgment brought by UBS and the
Plaintiff Group relating to the indemnification of the Plaintiff
Group's legal expenses.
The court ordered UBS to pay the Plaintiff Group's past legal costs as
well as the legal expenses in the litigation on an ongoing basis,
including all costs relating to the claims of certain members of the
Plaintiff Group for termination payments under certain management
services agreements. Based on information provided by the Plaintiff
Group's counsel, as of the date that the motion for summary judgement
was argued in April, UBS estimates the legal expenses of the Plaintiff
Group to be approximately $750,000.
The board of directors of UBS is reviewing the reasons for decision and,
in consultation with legal counsel, is considering its options.
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
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.
SOURCE Unique Broadband Systems, Inc.
For further information:
Grant McCutcheon, CEO