"Mobile voice is dead," CEO suggests
TORONTO, Feb. 28 /CNW/ - Unique Broadband Systems, Inc. (the "Company")
(TSX Venture: UBS) held its Annual General Meeting of shareholders today in
Shareholders heard the Company's assessment of some of the domestic and
international industry and government developments and what they could mean
for the Company.
Gerald McGoey, Chairman and CEO, outlined the underlying assets of the
Company with its approximately 100 MHz of contiguous spectrum covering about
18 million people in Ontario and Quebec, a mobile broadcast license, a
wireless network across Ontario and Quebec, subscribers and tax assets.
"As was the case with long distance becoming a commodity in the 1990s,
mobile voice is becoming a commodity, offered by service providers at
continually declining prices," said Mr. McGoey. He went on to say that "the
majority of wireless growth in the future will come from mobile data services
and voice will be just one of many applications. As a result, service
providers will need additional spectrum to provide the kind of data and video
services currently available in many countries around the world."
In his comments, Mr. McGoey also stated that he believed that a
"Consortium of Convenience" will result from the upcoming Canadian AWS
spectrum auction in May 2008. Regional mobile service providers will likely
have, at a minimum, informal arrangements for fully compatible network
designs, shared infrastructure and shared back office services resulting in
New Entrants having a "regional footprint with a National presence."
Mr. McGoey also provided a recap of the corporate repositioning of Look
over the past few years to enable Look to be an active participant in the
mobile multi media world. "We will continue to seek all opportunities to find
the appropriate operational and financial partners to move forward in this new
Other business at the meeting included shareholders re-electing Gerald T.
McGoey, Peter Minaki, Louis Mitrovich and Douglas Reeson as the Company's
Board of Directors, all of whom have served on the Board since March 2002.
Shareholders also re-appointed KPMG LLP as the Company's auditor for the 2008
The presentations made at the Annual General Meeting have been posted on
the Company's website at www.uniquebroadband.com
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
web site 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 Company is developing
an M(3) - Mobile Multi Media network and 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" and "LOK.A".
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 forecasted.
No stock exchange or regulatory authority has reviewed or accepts
responsibility for the adequacy or accuracy of this release.
Readers of this press release are referred to Look's press release of
February 27, 2008 reporting on its Annual Meeting of Shareholders held on
February 27, 2008.
For further information:
For further information: Peter Block, Investor and media relations,
(403) 531-0331, (416) 586-0180, E-mail: firstname.lastname@example.org