Craig Wireless dismisses claim against UBS

TORONTO, Feb. 4 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX Venture: UBS) today announced that Manalta Investment Company Ltd. (formerly known as Craig Wireless International Inc.) ("Craig Wireless") has agreed to a dismissal of its claim, in its entirety, against UBS, Look Communications and other named defendants originally brought before the Ontario Superior Court of Justice on February 19, 2004.

The terms of the dismissal and minutes of settlement include the following:

    
    -   Craig Wireless will pay $15,000 in costs to each of Look and UBS; and

    -   Craig Wireless has executed a full and final release that covers not
        only all known injuries, losses and damages, but also injuries,
        losses and damages not now known or anticipated but which may later
        develop or be discovered, including all the effects and consequences
        thereof.
    

The Company has always maintained that the entire claim initiated by Craig Wireless was unfounded and without merit and is pleased with the outcome.

    
    About Unique Broadband Systems, Inc.
    ------------------------------------
    

UBS is a publicly listed Canadian company that has a 51.8% fully diluted economic interest in Look Communications Inc. and other assets. The Company's website may be found at www.uniquebroadband.com.

    
    About Look Communications Inc.
    ------------------------------
    

Look's shares are listed on the TSX Venture Exchange under the symbols "LOK" for Multiple Voting Shares and "LOK.A" for Subordinate Voting Shares. Look's website may be found at www.look.ca.

    
    Forward looking statements
    --------------------------
    

The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of the Company 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 the Company, 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 the Company that actual results achieved will be the same in whole or in part as those forecasts.

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.

%SEDAR: 00010550E

SOURCE Unique Broadband Systems, Inc.

For further information: For further information: Peter Block, Investor and Media Relations, irinfo@uniquebroadband.com, (647) 259-3284

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