TORONTO, Feb. 16 /CNW/ - Unique Broadband Systems, Inc. ("UBS") (TSXV:
UBS) announces that they and Look Communications Inc. have reached a
settlement agreement with Louis Mitrovich, a former director of each
company. Among other things, the settlement agreement will resolve
the counterclaims by UBS against Mr. Mitrovich in the actions that were
commenced against UBS by Jolian Investments Ltd. (the company owned by
Gerald McGoey, the former Chief Executive Officer of UBS) and by DOL
Technologies Inc. (the company owned by Alex Dolgonos, the former Chief
Technology Officer of UBS) subject to fulfillment of certain terms.
UBS continues to vigorously defend the actions by Jolian and DOL and to
pursue its counterclaims against certain former directors and officers
The settlement with Mr. Mitrovich provides, among other things, that Mr.
Mitrovich irrevocably waives any claim for payment of the amount of
$450,000 for certain restructuring awards from UBS made in June 2009.
With this settlement, UBS has, under the new board elected in July 2010,
eliminated more than $1.7 million of the contingent 2009 restructuring
awards on the financial statements of UBS.
About Unique Broadband Systems, Inc.
UBS's shares are listed on the TSX Venture Exchange under the symbols
"UBS". More information on UBS can be found at www.sedar.com.
The corporate information contained in this release includes
forward-looking statements regarding future events and the future
performance of UBS 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 forecast.
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.
SOURCE Unique Broadband Systems, Inc.
For further information:
Grant McCutcheon, Director