UBS reports first quarter 2009 results



    TORONTO, Jan. 27 /CNW/ - Unique Broadband Systems, Inc. (TSX Venture:
UBS) today reported its financial and operating results for the first quarter
of fiscal 2009.

    
    Financial highlights for the first quarter ended November 30, 2008
    included the following:

    -   Service and sales revenue for the quarter ended November 30, 2008 was
        $3.6 million compared with $4.5 million for the quarter ended
        November 30, 2007;

    -   Operating expenses decreased by $0.3 million or 6.7% to $4.6 million
        for the quarter ended November 30, 2008 compared with $4.9 million
        for the quarter ended November 30, 2007;

    -   Loss from continuing operations for the quarter ended November 30,
        2008 was $3.0 million or $0.03 per share compared with the loss from
        continuing operations of $1.6 million or $0.01 per share for the
        quarter ended November 30, 2007;

    -   Income from discontinued operations for the quarter ended
        November 30, 2008 was $4.5 million or $0.04 per share compared with
        income from discontinued operations of $0.3 million or nil per share
        for the quarter ended November 30, 2007; and

    -   Income and comprehensive income for the quarter ended November 30,
        2008 was $1.5 million or $0.01 per share compared with the loss and
        comprehensive loss of $1.3 million or $0.01 per share for the quarter
        ended November 30, 2007.

    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. With its
licensed spectrum through its subsidiary, Look, UBS is a Canadian digital
television broadcaster and broadband wireless service provider. The Company's
website may be found at www.uniquebroadband.com.

    About Look Communications Inc.
    ------------------------------
    
    Look's mission has been to be an M(3) - 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.

    
    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.

    This press release should be read in conjunction with Look's press release
of January 27, 2009 announcing its first quarter results for fiscal 2009.


    UNIQUE BROADBAND SYSTEMS, INC.

    INTERIM UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

    (in thousands of Canadian dollars)

    As at
    -------------------------------------------------------------------------
                                                    November 30,   August 31,
                                                           2008         2008
    -------------------------------------------------------------------------

    ASSETS
    Total current assets                            $     7,531  $     6,057
    Restricted cash                                         675          490
    Property and equipment                                6,365        7,503
    Deferred charges                                         54           63
    -------------------------------------------------------------------------
                                                    $    14,625  $    14,113
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' DEFICIENCY
    Total current liabilities                       $    18,306  $    19,486
    Liability component of convertible debentures           924          903
    -------------------------------------------------------------------------
    Total liabilities                                    19,230       20,389
    -------------------------------------------------------------------------

    Non controlling interest                                422          422

    Shareholders' deficiency
    Share capital                                        58,139       58,139
    Contributed surplus                                   2,765        2,643
    Deficit                                             (65,931)     (67,480)
    -------------------------------------------------------------------------
    Total shareholders' deficiency                       (5,027)      (6,698)
    -------------------------------------------------------------------------
                                                    $    14,625  $    14,113
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    UNIQUE BROADBAND SYSTEMS, INC.

    INTERIM UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND
    DEFICIT

    (in thousands of Canadian dollars, except per share amounts)

    Three months ended November 30, 2008 and 2007
    -------------------------------------------------------------------------

                                                           2008         2007

    -------------------------------------------------------------------------

    Service and sales revenue                       $     3,588  $     4,527
    Carrier charges and cost of sales                     1,940        2,366
    -------------------------------------------------------------------------

    Gross margin                                          1,648        2,161
    Operating expenses                                    4,587        4,921
    -------------------------------------------------------------------------
                                                         (2,939)      (2,760)
    Accretion on liability component of
     convertible debentures                                 (30)         (39)
    Net interest income/(expense)                           (15)          48
    Gain on disposal of capital assets                        2            -
    -------------------------------------------------------------------------

    Loss before non-controlling interest                 (2,982)      (2,751)

    Non-controlling interest                                  -        1,167
    -------------------------------------------------------------------------

    Loss from continuing operations                      (2,982)      (1,584)

    Income from discontinued operations                   4,531          567

    Non-controlling interest                                  -         (278)
    -------------------------------------------------------------------------

    Income (loss) and comprehensive loss for
     the period                                           1,549       (1,295)

    Deficit, beginning of period                        (67,480)     (59,989)

    -------------------------------------------------------------------------
    Deficit, end of period                          $   (65,931) $   (61,284)
    -------------------------------------------------------------------------

    Basic and diluted loss per share -
     continuing operations:                         $     (0.03) $     (0.01)
    Basic and diluted loss per share -
     discontinued operations:                       $      0.04  $     (0.00)
    Basic and diluted loss per share - total        $      0.01  $     (0.01)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    UNIQUE BROADBAND SYSTEMS, INC.

    INTERIM UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

    (in thousands of Canadian dollars)

    Three months ended November 30, 2008 and 2007
    -------------------------------------------------------------------------

                                                           2008         2007

    -------------------------------------------------------------------------

    OPERATING ACTIVITIES
      Loss from continuing operations                    (2,982)      (1,584)
      Items not affecting cash                            1,310          407
      Changes in non-cash working capital                  (404)         160
      -----------------------------------------------------------------------
      Cash flows used in continuing operations           (2,076)      (1,017)
      Cash flows from (used in) discontinued operations     507       (1,157)
    -------------------------------------------------------------------------
    Cash flows used in operating activities              (1,569)      (2,174)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Cash flows used in financing activities                   -           (8)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Cash flows from investing activities                  1,958            -
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Increase/(decrease) in cash and cash equivalents        389       (2,182)
    Cash and cash equivalents, beginning of period        5,168        9,650
    -------------------------------------------------------------------------
    Cash and cash equivalents, end of period             $5,557       $7,468
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %SEDAR: 00010550E




For further information:

For further information: Peter Block, E-mail:
irinfo@uniquebroadband.com, (647) 259-3284

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