Former CEO Terminates Services Agreement with UBS
TORONTO, July 6 /CNW/ - Unique Broadband Systems, Inc. (TSX Venture: UBS) ("UBS") announces that Gerald McGoey provided notice to UBS late yesterday alleging a "company default" and "termination without cause" under his service agreement due, in part, to shareholders failing to re-elect him as a director at the special meeting held on July 5, 2010. Mr. McGoey is claiming a termination payment of $8.6 million from UBS under this agreement.
As a result of Mr. McGoey's termination notice, Grant McCutcheon has been appointed as Chief Executive Officer of UBS effective immediately. Mr. McCutcheon was elected as a director of UBS on July 5, 2010.
Alex Dolgonos, the former Technology Consultant, also provided UBS with notice late yesterday also alleging that his service agreement with UBS was terminated. Mr. Dolgonos alleges that his service agreement was terminated for "good reason" and as a result of "change of control" in UBS pursuant to his service agreement. Mr. Dolgonos is claiming a termination payment of $7.2 million from UBS under this agreement.
"In light of recent developments, we are pleased that Grant McCutcheon will serve as CEO of UBS" said Robert Ulicki, the Chairman of the Board of Directors of UBS. "The new Board is consulting with legal counsel regarding the service agreements entered into by the former CEO and Technology Consultant and their claims for payment. We will update shareholders with material developments as they arise".
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Certain statements contained in this press release constitute forward-looking statements. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to UBS are intended to identify forward-looking statements. Such statements reflect UBS' current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. UBS does not assume any obligation to update or revise the forward looking statements contained in this press release to reflect actual events or new circumstances.
SOURCE Unique Broadband Systems, Inc.
For further information: For further information: Robert Ulicki, Chairman, UBS at 416-642-5703.