Look announces reorganization plan

    TORONTO, Oct. 10 /CNW/ - Unique Broadband Systems, Inc. (TSX
Venture: UBS) announced today that Look Communications Inc. ("Look") (TSX
Venture: LOK and LOK.A), its 51 per cent controlled subsidiary, has approved a
certain reorganization plan (the "Plan") which, amongst other things, allows
for the establishment and maintenance of Look's deferred tax assets.
    The Plan involves the transfer of certain assets to an entity that is
100 per cent controlled by Look in order to establish and maintain
approximately $310 million of Look's non-capital losses. As a result of this
Plan, the sale by Look of any or all of its major assets would result in any
proceeds to Look of up to approximately $620 million being received on a
tax-free basis.

    About Unique Broadband Systems, Inc.

    UBS is a publicly listed Canadian company that has a 51.6 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
website may be found at www.uniquebroadband.com.

    About Look Communications Inc.

    Look's mission is to be an M(3) - Mobile Multi Media - entertainment and
information service provider in Ontario and Québec. The Corporation is
developing a M(3) network and currently delivers a full range of
communications services, including high-speed and dial-up Internet access, Web
applications, digital television distribution, and superior customer service
to both the business and residential markets. 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

    The corporate information contained in this release contains
forward-looking statements regarding future events and the future performance
of the Company that involves risks and uncertainties that could cause actual
results to differ materially. Assumptions used in the preparation of such
information, although considered reasonable by the Company at the time of
preparation, may prove to be incorrect. The actual results achieved will vary
from the information provided herein and the variations may be material.
Consequently, there is no representation by UBS and Look that actual results
achieved will be the same in whole or in part as those forecasts.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    %SEDAR: 00010550E

For further information:

For further information: Peter Block, Investor and media relations,
E-mail: irinfo@uniquebroadband.com, (403) 531-0331, (416) 586-0180

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