TORONTO, Nov. 22, 2011 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX-V: UBS)
announced that 2064818 Ontario Inc. and 6138241 Canada Inc., two
companies controlled by Mr. Alex Dolgonos (the "Dolgonos Companies"),
have formally requisitioned the board of directors of UBS (the "Board")
to call a meeting of shareholders for the purpose of seeking approval
of a resolution requiring the Company to initiate and implement a
This requisition follows an informal request that UBS initiate a rights
offering which was received by UBS from the Dolgonos Companies on
November 11, 2011. Last week, the Board advised the Dolgonos Companies
of the Board's decision that the Company should not proceed with a
rights offering at the present time. The Board further advised that in
light of the uncertain time frame and expenses related to the ongoing
litigation and proceedings under the Companies Creditors Arrangement Act, the Board will from time to time re-evaluate the cash position and
cash requirements of the Company and may decide at any time that UBS
needs to raise capital.
The Board is reviewing the requisition with its advisors and will
respond within the 21 days provided under applicable corporate law.
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 (905) 660-8100