UBS reports third quarter 2008 results



    TORONTO, July 25 /CNW/ - Unique Broadband Systems, Inc. (TSX Venture:
UBS) today reported its financial and operating results for the third quarter
of fiscal 2008.

    
    Financial highlights for Quarter 3, ended May 31, 2008 included the
following:

    -  Service and sales revenue for the quarter ended May 31, 2008 was
       $4.9 million compared with $6.0 million for the quarter ended May 31,
       2007;

    -  Operating expenses decreased by $0.7 million or 12.5% to $4.4 million
       for the quarter ended May 31, 2008 compared with $5.1 million for the
       quarter ended May 31, 2007; and

    -  Loss and comprehensive loss for the quarter ended May 31, 2008 was
       $2.0 million or $0.02 per share compared with the loss and
       comprehensive loss of $1.1 million or $0.01 per share for the quarter
       ended May 31, 2007.
    

    About Unique Broadband Systems, Inc.
    ------------------------------------
    UBS is a publicly listed Canadian company that has a 51.7% 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 - information,
communications and entertainment 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.

    INTERIM UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
    (in thousands of Canadian dollars)

    As at
    -------------------------------------------------------------------------
                                                          May 31,  August 31,
                                                            2008        2007
    -------------------------------------------------------------------------

    ASSETS
    Total current assets                                $  7,330    $ 11,366
    Capital assets                                         8,703      12,508
    Deferred charges                                          73         129
    -------------------------------------------------------------------------
                                                        $ 16,106    $ 24,003
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
    Total current liabilities                           $ 17,055    $ 18,921
    Long-term debt                                         1,784       1,800
    Liability component of convertible debentures            765         769
    -------------------------------------------------------------------------
    Total liabilities                                     19,604      21,490
    -------------------------------------------------------------------------

    Non controlling interest                                 422       2,202

    Shareholders' equity/(deficit)
    Share capital                                         58,139      58,139
    Contributed surplus                                    2,373       2,056
    Deficit                                              (64,432)    (59,884)
    -------------------------------------------------------------------------
    Total shareholders' equity/(deficit)                  (3,920)        311
    -------------------------------------------------------------------------
                                                        $ 16,106    $ 24,003
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    UNIQUE BROADBAND SYSTEMS, INC.

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

    Three and nine months ended May 31, 2008 and 2007
    -------------------------------------------------------------------------
                                  Three months ended       Nine months ended
                                        May 31,                 May 31,
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Service and sales revenue   $  4,945    $  6,013    $ 15,608    $ 18,995

    Carrier charges and cost
     of sales                      2,584       2,975       7,936       9,136
    -------------------------------------------------------------------------

    Gross margin                   2,361       3,038       7,672       9,859
    Operating expenses             4,422       5,054      14,125      15,667
    -------------------------------------------------------------------------
    Loss before the following:    (2,061)     (2,016)     (6,453)     (5,808)

    Accretion on liability
     component of convertible
     debenture                       (39)        (39)       (117)       (119)
    Net interest
     income/(expense)                (32)         49          42         140
    Gain/(loss) on disposal
     of capital assets                 2         (14)         10         (14)
    -------------------------------------------------------------------------

    Loss before
     non-controlling interest     (2,130)     (2,020)     (6,518)     (5,801)

    Non-controlling interest         151         913       1,970       2,256
    -------------------------------------------------------------------------

    Loss from continuing
     operations                   (1,979)     (1,107)     (4,548)     (3,545)

    Loss from discontinued
     operations                        -           -           -      (1,000)
    -------------------------------------------------------------------------

    Loss and comprehensive
     loss                         (1,979)     (1,107)     (4,548)     (4,545)

    Deficit, beginning
     of period                   (62,453)    (59,141)    (59,884)    (55,703)

    -------------------------------------------------------------------------
    Deficit, end of period      $(64,432)   $(60,248)   $(64,432)   $(60,248)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted loss
     per share - continuing
     operations:                $  (0.02)   $  (0.01)   $  (0.04)   $  (0.03)
    Basic and diluted loss
     per share - discontinued
     operations:                $  (0.00)   $  (0.00)   $  (0.00)   $  (0.01)
    Basic and diluted loss
     per share:                 $  (0.02)   $  (0.01)   $  (0.04)   $  (0.04)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    UNIQUE BROADBAND SYSTEMS, INC.

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

    Three and nine months ended May 31, 2008 and 2007
    -------------------------------------------------------------------------
                                  Three months ended       Nine months ended
                                        May 31,                 May 31,
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Cash flows from/(used in)
    -------------------------
     operating activities:
     ---------------------
      Loss from continuing
       operations               $ (1,979)   $ (1,107)   $ (4,548)   $ (3,545)
      Non-controlling interest      (151)       (913)     (1,970)     (2,256)
      Amortization of capital
       assets                      1,304       1,178       3,894       3,487
      Amortization of deferred
       charges                        13          14          40          54
      Amortization of stock
       based compensation             92         260         422         985
      Accretion on liability
       component of convertible
       debenture                      39          39         117         119
      Loss/(Gain) on disposal
       of capital assets              (2)         14         (10)         14
      Change in non-cash
       operating working
       capital                       275       1,097          80       3,966
      -----------------------------------------------------------------------
      Cash flows from/(used in)
       continued operations         (409)        582      (1,975)      2,824
      Cash flows used in
       discontinued operations         -           -      (1,724)       (350)
      -----------------------------------------------------------------------
      Cash flows from/(used in)
       operating activities         (409)        582      (3,699)      2,474
      -----------------------------------------------------------------------

    Cash flows used in
    ------------------
     financing activities:
     ---------------------
      Interest on convertible
       debentures                      -           -           -          (1)
      Repayment of obligations
       under capital leases            -          (8)        (14)        (31)
      -----------------------------------------------------------------------
      Cash flows used in
       financing activities            -          (8)        (14)        (32)
      -----------------------------------------------------------------------

    Cash flows from/(used in)
    -------------------------
     investing activities:
     ---------------------
      Restricted cash                  5         (21)         20          (3)
      Purchase of capital assets     (41)         (5)        (89)       (136)
      Proceeds of disposition of
       capital assets                  2          24          10          24
      -----------------------------------------------------------------------
      Cash flows used in
       investing activities          (34)         (2)        (59)       (115)
    -------------------------------------------------------------------------

    Increase/(decrease) in cash
     and cash equivalents           (443)        572      (3,772)      2,327

    Cash and cash equivalents,
     beginning of period           6,321      10,236       9,650       8,481

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

    Cash and cash equivalents,
     end of period              $  5,878    $ 10,808    $  5,878    $ 10,808
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %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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