TORONTO, Feb. 24 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX Venture: UBS) reported on its Annual and Special Meeting of Shareholders, held today in Toronto.
Gerald McGoey, the Company's Chairman and CEO, reviewed the key corporate developments that have taken place over the past year, including the sale of Look's spectrum and broadcast license, before outlining Look's short-term strategy to maximize shareholder value. Look has approximately $360 million in tax assets and is working with BMO Capital Markets to monetize this asset. While this effort is underway, Look will invest its existing cash in short-term liquid investments, the income from which will be tax sheltered. UBS supports the view of Look and its advisors that having tax assets together with the available cash enhances the potential of realizing greater value for Look's shareholders.
As events unfold, Look's Board of Directors is considering, among other things, a number of alternatives concerning the best methodology for the distribution of cash to shareholders.
Other business at the meeting included the re-election of Gerald McGoey, Louis Mitrovich and Douglas Reeson as directors of the Company and the appointment of Grant Thornton LLP as the Company's auditor for the 2010 fiscal year. Also approved at the meeting were changes to the Company's general By-Laws related to voting at Board of Directors' meetings and filling of Board of Directors' vacancies.
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. 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.
SOURCE Unique Broadband Systems, Inc.
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