Unique Broadband Systems, Inc. reports first quarter 2012 results

TORONTO, Feb. 21, 2012 /CNW/ - Unique Broadband Systems, Inc. ("UBS") (TSX Venture: UBS) today reported its operating and financial results for the first quarter of fiscal 2012, ended November 30, 2011.

Recent operating and financial highlights:

  • Effective January 1, 2011, Canadian publicly listed entities were required to prepare their financial statements in accordance with International Financial Reporting Standards ("IFRS"). First time reporters under IFRS are granted an extension on filing deadlines for their first reporting period under IFRS. Accordingly UBS is required to file their first quarter results on or before February 29, 2012.
  • UBS continues to operate under the court approved Company Creditors Arrangement Act.
  • For the three months ended November 30, 2011, UBS recorded revenue of $433 from fees earned pursuant to the Look Management Services Agreement set to expire in May, 2012. UBS recorded a loss from operations of $186 for the three months ended November 30, 2011, an improvement of $299 from the loss of $485 incurred during the three months ended November 30, 2010. The improvement in the first quarter of fiscal 2012 resulted from lower operating costs.
  • At November 30, 2011, UBS held cash and cash equivalents of $948 compared to $945 at August 31, 2011. The increase is due primarily to the receipt of HST recoveries, offset by ongoing legal and administrative costs.

UBS, through its equity interest in Look, continues to offer administrative services to Look and to examine opportunities to maximize shareholder value.

For further information on UBS' financial results, please review UBS' condensed consolidated interim financial statements and management's discussion and analysis of financial condition and results of operations for the three months ended November 30, 2011 and 2010.

About Unique Broadband Systems, Inc.

UBS' 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, Chief Executive Officer & Director
(905) 660-8100

Profil de l'entreprise

Unique Broadband Systems, Inc.

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