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
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
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