UBS to Work With Look on Realization of Its Remaining Assets



    
    Will Consider Selling Its Interest in Look to Maximize Value of Tax
    Attributes
    

    TORONTO, May 11 /CNW/ - Unique Broadband Systems, Inc. (TSX Venture: UBS)
today announced that with its 51.8 per cent ownership interest in Look
Communications (TSX Venture: LOK and LOK.A), it is in the best interest of its
shareholders to support Look's efforts to fully realize the value of Look's
remaining three assets, which include:

    
    1. Tax Attributes - Approximately $300 million in tax attributes.
    2. Subscribers - Approximately 25,000 video and Internet subscribers; and
    3. Network - A network consisting of two network operating centers (in
       Toronto and Montreal), 26 one-way broadcast sites and 10 two-way
       broadcast sites.
    

    UBS is willing to consider among other things the sale of its interest in
Look to facilitate the full value of Look's tax attributes. Such a transaction
would require the approval of UBS shareholders.
    Look today reconfirmed that following the expected receipt of the Final
Approval Order from the Court for the agreement reached with Rogers
Communications and Bell Canada (through their joint venture, Inukshuk Wireless
Partnership), for the sale of its spectrum and broadcast assets, Look will
engage interested parties in the possible sale of any or all of its remaining
assets
    Look believes that its assets hold particular appeal for a new entrant in
the mobile business looking for network infrastructure as well as other
parties that could benefit from the tax attributes, including income trusts
which face a pending conversion deadline. The potential sale of any of Look's
remaining assets will not be subject to either Court or Look shareholder
approvals, once the Plan of Arrangement process concludes with the expected
Court approval of the spectrum sale.
    Look and Inukshuk are working together to obtain the necessary regulatory
approvals for the spectrum sale as soon as practicable. Upon regulatory
approval, Inukshuk must pay Look any outstanding balance on the $80 million to
close the transaction or the assets will remain with Look. Look will begin an
orderly wind down of its video and Internet services so that its subscribers
experience as little disruption as possible with any transfer of the spectrum.

    
    Additional Information about Look and its Asset Sales

    Spectrum Transaction Agreement
    ------------------------------

    Cash consideration for the spectrum and broadcast
    license transaction                                          $80 million
    (the proceeds from this sale are expected to be tax free)

      Price per Look share:
      -  Fully diluted                                           $0.44
      -  Fully diluted including options                         $0.42

      Price per MHz per Pop:
      -  MDS spectrum (92 MHz)                                   $0.05
      -  BRS spectrum (61 MHz)                                   $0.07

    Remaining Assets Available
    --------------------------

      1.  Tax Attributes - Approximately $300 million in tax attributes;

      2.  Subscribers - Approximately 25,000 video and Internet subscribers;
          and

      3.  Network - A network consisting of two network operating centers (in
          Toronto and Montreal), 26 one-way broadcast sites and 10 two-way
          broadcast sites
    

    This news release should be read in conjunction with Look's news release
of May 11, 2009: "Look Continues to Pursue Options to Maximize Remaining Three
Assets"

    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. 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 has been to be an M3 - 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.

    Caution Regarding Forward-Looking Information

    The corporate information contained in this release includes
forward-looking statements regarding future events and the future performance
of Look 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 UBS 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 UBS 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.
    

    %SEDAR: 00010550E




For further information:

For further information: Peter Block, Investor and Media Relations,
irinfo@uniquebroadband.com, (647) 259-3284

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