Look Continues to Pursue Options to Maximize Remaining Three Assets



    UBS Willing to Consider All of Its Options to Support Look's Efforts

    TORONTO and MONTREAL, May 11 /CNW/ - Look Communications Inc. ("Look" or
the "Corporation") (TSX Venture: LOK and LOK.A) today reconfirmed that the
corporation continues to pursue opportunities to maximize the value of its
remaining three assets. Following the expected receipt of the Final Approval
Order from the Court for the Agreement reached with Rogers Communications and
Bell Canada (through their joint venture, Inukshuk Wireless Partnership) for
the sale of its spectrum and broadcast assets, Look will engage interested
parties in the possible sale of any or all of its remaining assets, which
include:

    
    1.  Tax Attributes - Approximately $300 million in tax attributes;
    2.  Subscribers - Approximately 25,000 video and Internet subscribers;
        and
    3.  Network - A network consisting of two network operating centers (in
        Toronto and Montreal), 26 one-way broadcast sites and 10 two-way
        broadcast sites.
    

    "We started a process for an orderly realization of our assets so that we
could provide our shareholders with the maximum value. The sale of our
spectrum and broadcast license was an important step in that process, but we
are not yet finished," said Gerry McGoey, Vice Chairman and Chief Executive
Officer of Look. "We believe there could be a number of parties interested in
our remaining assets, from the new entrants in the mobile business looking for
network infrastructure to any number of parties that could benefit from the
tax attributes, including income trusts which face a pending conversion
deadline, and so we will continue to pursue additional transactions."
    Unique Broadband Systems (TSX Venture: UBS), Look's parent company (with
a 51.8 per cent economic interest in Look), has indicated that it will
consider all of its options to assist Look realize value for the remaining
assets. One option for UBS, among others, is the sale of its interest in Look
to facilitate the full value of Look's tax attributes.
    Look and Inukshuk are working together to obtain the necessary regulatory
approvals for the spectrum sale as soon as practicable. Upon regulatory
approval, Inukshuk must pay Look any outstanding balance on the $80 million to
close the transaction or the assets will remain with Look. Look will begin an
orderly wind down of its video and Internet services so that its subscribers
experience as little disruption as possible with any transfer of the spectrum.
    The potential sale of any remaining assets should not be subject to
either Court or Look shareholder approvals, once the Plan of Arrangement
process concludes with the expected Court approval of the Inukshuk Agreement.

    
    Additional Information about Look and its Asset Sales

    Spectrum Transaction Agreement
    ------------------------------

    Cash consideration for the spectrum
     and broadcast license transaction                     $80 million
     (the proceeds from this sale are
     expected to be tax free)

      Price per share:
        - Fully diluted                                    $0.44
        - Fully diluted including options                  $0.42

      Price per MHz per Pop:
        - MDS spectrum (92 MHz)                            $0.05
        - BRS spectrum (61 MHz)                            $0.07


    Remaining Assets Available
    --------------------------

    1.  Tax Attributes - Approximately $300 million in tax attributes;

    2.  Subscribers - Approximately 25,000 video and Internet subscribers;
        and

    3.  Network - A network consisting of two network operating centers (in
        Toronto and Montreal), 26 one-way broadcast sites and 10 two-way
        broadcast sites
    

    About Look Communications Inc.

    Look's mission has been to be an M3 - Mobile Multi Media -
communications, entertainment and information service provider in Ontario and
Québec. The Corporation currently delivers a full range of communications
services including high-speed and dial-up Internet access, digital television
distribution, and superior customer service to both the business and
residential markets. The Corporation provides its digital television
distribution and wireless Internet services using its approximately 100 MHz of
Multipoint Distribution System spectrum in the 2.5 to 2.7 GHz frequency band
covering approximately 18 million people (1.8 billion MHz/Pops) in the
provinces of Ontario and Quebec. 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.

    About Unique Broadband Systems, Inc.

    UBS is a publicly listed Canadian company that has a 51.8 per cent fully
diluted economic interest in Look Communications Inc. and other assets. With
its licensed spectrum through its subsidiary Look, UBS is a Canadian digital
television broadcaster and broadband wireless service provider. The Company's
web site may be found at www.uniquebroadband.com.

    Caution Regarding Forward-Looking Information

    The corporate information contained in this release includes
forward-looking statements regarding future events and the future performance
of Look 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 Look 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 Look 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: 00013414E




For further information:

For further information: Peter Block, Investor and Media Relations,
investorinfo@look.ca, (647) 259-3284

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Look Communications Inc.

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