TORONTO, Jan. 21 /CNW/ - Unique Broadband Systems, Inc. (the "Company")
(TSX Venture: UBS) today announced that Look Communications Inc. ("Look") (TSX
Venture: LOK and LOK.A), its 51 per cent controlled subsidiary, has received
approval from the Ontario Superior Court of Justice to commence a sales
process for some or all, in whole or in part, of its assets. The Court also
appointed Grant Thornton Limited to work with Look's Board of Directors and
act as Monitor to conduct and manage the sales process.
In accordance with the Sales Process Order, the Monitor will deliver a
detailed package of information to all interested parties. All bids must be
delivered to the Monitor by noon eastern time on February 16, 2009. After that
time, the Monitor, in consultation with Look's Board of Directors, will
consider all bids received, although there is no obligation on the part of
either the Monitor or Look to recommend or accept any bid(s) or the highest
bid(s). Prior to the bid submission deadline, both the Monitor and Look are
available to meet with interested parties in order to further discuss the
structure of any transaction or series of transactions as well as to further
explain any of Look's assets which include:
1. Spectrum - Approximately 100MHz of contiguous licensed spectrum in
Ontario and Quebec covering approximately 18 million people
(1.8 billion MHz/Pops);
2. Broadcast License - A Canadian Radio-television and
Telecommunications Commission ("CRTC") mobile broadcast license which
has been renewed by the CRTC to August 2011;
3. Subscribers - Approximately 30,000 broadcast and Internet
4. Network - A network consisting of two network operating centers
(Toronto, Ontario and Montreal, Quebec), 26 one-way broadcast sites
and 10 two-way broadcast sites; and
5. Tax Attributes - Approximately $300 million in tax attributes.
Once this sales process is completed and an agreement or agreements have
been executed with one or more purchasers for Look's assets, the Monitor and
Look will seek a Final Approval Order from the Court to approve any
transactions, which could close as early as March 6, 2009. Such transactions
may be subject to various regulatory approvals, though no other shareholder
approvals are necessary for any asset sale.
About Unique Broadband Systems, Inc.
UBS is a publicly listed Canadian company that has a 51.8% 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 has been to be an M(3) - Mobile Multi Media -
communications, entertainment and information service provider in Ontario and
Québec. Look currently delivers a full range of communications services
including high-speed and dial-up Internet access, digital television
distribution, and superior customer service to both the business and
residential markets. Look provides its digital television distribution and
wireless Internet services using its approximately 100 MHz of Multipoint
Distribution System spectrum in the 2.5 to 2.7 GHz frequency band covering
approximately 18 million people (1.8 billion MHz/Pops) in the provinces of
Ontario and Quebec. 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 www.look.ca.
Forward looking statements
The corporate information contained in this release includes
forward-looking statements regarding future events and the future performance
of the Company 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 the Company 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 the Company that actual results
achieved will be the same in whole or in part as those forecasts.
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.
This press release should be read in conjunction with Look's press
release of January 21, 2009 announcing "ONTARIO COURT GRANTS APPROVAL FOR
LOOK'S SALES PROCESS; APPOINTS MONITOR".
For further information:
For further information: Peter Block, E-mail:
email@example.com, (647) 259-3284