UBS reports fiscal 2007 results



    TORONTO, Nov. 30 /CNW/ - Unique Broadband Systems, Inc. (the "Company")
(TSX Venture: UBS) today reported its financial and operating results for the
year ended August 31, 2007.

    
    Financial highlights of the year ended August 31, 2007 included the
following:

    -   Gross revenues for the year were $24.6 million compared to $29.9
        million for the year ended August 31, 2006;
    -   Operating expenses for 2007 decreased by $1.9 million or 8% over 2006
        to $21.7 million;
    -   Loss from continuing operations for the year was $3.2 million
        compared to $3.6 million a year ago; and
    -   Loss for the year ended August 31, 2007 was $4.2 million or $0.04 per
        share compared with the loss of $2.4 million or $0.02 per share for
        the year ended August 31, 2006.
    

    During the fourth quarter of 2007, the Company completed a review of the
carrying amount of its long-lived capital assets. Through this review and
based on, amongst other things, subscriber attrition and technological changes
within the telecommunications sector, the Company determined that certain of
these long-lived capital assets were carried at amounts greater than their net
recoverable amounts (based on undiscounted estimated future net cash flows).
As a result of the foregoing, a non-cash write down, net of consolidation
adjustments, of $1.0 million was recorded, to reflect the appropriate carrying
values.
    The Company also announced that Look has completed its reorganization
plan (the "Plan") previously announced on October 10, 2007. The Plan involves
the transfer of certain assets to a 100 per cent controlled entity of Look in
order to, amongst other things, establish and maintain approximately
$310 million of Look's non-capital losses. As a result of this Plan, the sale
by Look of any or all of its major assets would result in any proceeds to Look
of up to approximately $620 million being received on a tax-free basis.

    About Unique Broadband Systems, Inc.
    ------------------------------------
    UBS is a publicly listed Canadian company that has a 51.6% 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 is to be an M(3) - Mobile Multi Media - 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, Web applications, digital television distribution and
superior customer service to both the business and residential markets. 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.

    The corporate information contained in this release contains
forward-looking statements regarding future events and the future performance
of the Company that involves 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 will vary
from the information provided herein and the variations may be material.
Consequently, there is no representation by UBS and Look that actual results
achieved will be the same in whole or in part as those forecasts.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    For additional information, please review the Company's and Look's
Audited Consolidated Financial Statements and Management's Discussion and
Analysis of Financial Condition and Results of Operations for the years ended
August 31, 2007 and 2006.


    
    UNIQUE BROADBAND SYSTEMS, INC.

    CONSOLIDATED CONDENSED BALANCE SHEETS
    (in thousands of Canadian dollars)

    Years ended August 31,
    -------------------------------------------------------------------------
                                                              2007      2006
    -------------------------------------------------------------------------
    ASSETS
    Total current assets                                   $11,366   $11,192
    Capital assets, net                                     12,508    18,091
    Deferred charges                                           129       196
    -------------------------------------------------------------------------
                                                           $24,003   $29,479
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Total current liabilities                              $18,921   $15,643
    Long-term debt                                           1,800     1,814
    Liability component of convertible debentures              769       793
    -------------------------------------------------------------------------
    Total liabilities                                       21,490    18,250
    -------------------------------------------------------------------------
    Non controlling interest                                 2,202     7,752

    Shareholders' equity

    Share capital                                           58,139    58,139
    Contributed surplus                                      2,056     1,041
    Deficit                                                (59,884)  (55,703)
    -------------------------------------------------------------------------
    Total shareholders' equity                                 311     3,477
    -------------------------------------------------------------------------
                                                           $24,003   $29,479
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    UNIQUE BROADBAND SYSTEMS, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
    (in thousands of Canadian dollars, except shares and per share amounts)

    Years ended August 31,
    -------------------------------------------------------------------------
                                                              2007      2006
    -------------------------------------------------------------------------
    Service and sales revenue                             $ 24,620  $ 29,877
    Carrier charges and cost of sales                       11,996    13,116
    -------------------------------------------------------------------------
    Gross margin                                            12,624    16,761
    Operating expenses                                      21,676    23,581
    -------------------------------------------------------------------------
    Loss before the following:                              (9,052)   (6,820)
    Accretion on liability component of convertible
     debenture                                                (159)     (146)
    Net interest income                                        193        82
    Loss on disposal of capital assets                         (14)        -
    -------------------------------------------------------------------------
    Loss before income taxes and non-controlling interest   (9,032)   (6,884)
    Income taxes recovery                                        -         2
    Non-controlling interest                                 5,851     3,249
    -------------------------------------------------------------------------
    Loss from continuing operations                         (3,181)   (3,633)
    Income/(Loss) from discontinued operations              (1,000)    1,221
    -------------------------------------------------------------------------
    Loss for the year                                       (4,181)   (2,412)
    Deficit, beginning of year                             (55,703)  (53,291)
    -------------------------------------------------------------------------
    Deficit, end of year                                  $(59,884) $(55,703)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and diluted loss per share - continuing
     operations:                                          $  (0.03) $  (0.03)
    Basic and diluted loss per share - discontinued
     operations:                                          $  (0.01) $   0.01
    Basic and diluted loss per share                      $  (0.04) $  (0.02)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    UNIQUE BROADBAND SYSTEMS, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands of Canadian dollars)

    Years ended August 31,
    -------------------------------------------------------------------------
                                                              2007      2006
    -------------------------------------------------------------------------
    Cash flows from/(used in) operating activities:
    -----------------------------------------------
      Loss for the period                                 $ (3,181) $ (3,633)
      Non-controlling interest                              (5,851)   (3,249)
      Amortization of capital assets                         5,701     4,948
      Amortization of deferred charges                          67        75
      Amortization of stock based compensation               1,128       451
      Accretion on liability component of
       convertible debenture                                   159       146
      Loss on disposal of capital assets                        14         -
      Change in non-cash operating
       working capital                                       3,638      (172)
      -----------------------------------------------------------------------
      Cash flows from/(used in) continued operations         1,675    (1,434)
      Cash flows used in discontinued operations              (350)     (398)
      -----------------------------------------------------------------------
      Cash flows from/(used in) operating activities         1,325    (1,832)
      -----------------------------------------------------------------------

    Cash flows from/(used) in financing activities:
    -----------------------------------------------
      Interest on convertible debentures                        (1)       (9)
      Increase in long term mortgage                             -       600
      Repayment of obligations under capital leases            (39)      (67)
      Exercise of stock options                                  5         -
      -----------------------------------------------------------------------
      Cash flows used in financing activities                  (35)     (524)
      -----------------------------------------------------------------------
    Cash flows from/(used in) investing activities:
    -----------------------------------------------
      Proceeds from the repayment of loan receivable             -     2,423
      Restricted cash                                           11       659
      Deferred charges                                           -       (42)
      Purchase of capital assets                              (159)     (771)
      Proceeds of disposition of capital assets                 27         -
      -----------------------------------------------------------------------
      Cash flows from/(used in) investing activities          (121)    2,269
    -------------------------------------------------------------------------
    Increase in cash and cash equivalents                    1,169       961
    Cash and cash equivalents, beginning of year             8,481     7,520
    -------------------------------------------------------------------------
    Cash and cash equivalents, end of year                $  9,650  $  8,481
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %SEDAR: 00010550E




For further information:

For further information: Peter Block, Investor and media relations,
E-mail: irinfo@uniquebroadband.com, (403) 531-0331, (416) 586-0180

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