Unique Broadband Systems, Inc. receives shareholder meeting requisition

TORONTO, Nov. 22, 2011 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX-V: UBS) announced that 2064818 Ontario Inc. and 6138241 Canada Inc., two companies controlled by Mr. Alex Dolgonos (the "Dolgonos Companies"), have formally requisitioned the board of directors of UBS (the "Board") to call a meeting of shareholders for the purpose of seeking approval of a resolution requiring the Company to initiate and implement a rights offering.

This requisition follows an informal request that UBS initiate a rights offering which was received by UBS from the Dolgonos Companies on November 11, 2011.  Last week, the Board advised the Dolgonos Companies of the Board's decision that the Company should not proceed with a rights offering at the present time.  The Board further advised that in light of the uncertain time frame and expenses related to the ongoing litigation and proceedings under the Companies Creditors Arrangement Act, the Board will from time to time re-evaluate the cash position and cash requirements of the Company and may decide at any time that UBS needs to raise capital.

The Board is reviewing the requisition with its advisors and will respond within the 21 days provided under applicable corporate law.

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 costs 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, CEO (905) 660-8100

Profil de l'entreprise

Unique Broadband Systems, Inc.

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