TORONTO and MONTREAL, April 12 /CNW/ - Look Communications Inc. ("Look")
and Unique Broadband Systems Inc. ("UBS") announced today that the two
partners of Inukshuk Wireless Partnership LLP ("Inukshuk Wireless") - Rogers
Inukshuk Telecommunications Inc., a subsidiary of Rogers Communications Inc
("Rogers") and NR Communications Limited, a subsidiary of BCE ("Bell") - have
continued this week to apply pressure to Look and its parent company UBS.
On Monday, April 9th, 2007, Look was informed that Rogers' legal counsel
had written to the Ontario Securities Commission on Thursday, April 5th, 2007
to say that the comments related to the UBS litigation of Inukshuk Internet
Inc., made by Look and UBS at their Annual Meetings of Shareholders, should
among other things, have been "tempered with cautionary language".
One day later, on Tuesday, April 10th, 2007, Bell Canada sent Look a
Notice of Intent to Disconnect services effective 30 days from the date of
notice. These two events, on consecutive days, continue to position Rogers,
Bell and Inukshuk Wireless against Look and UBS.
Look is the only company in Canada with approximately 100 MHz of spectrum
and a broadcast license for mobile video services in Canada.
Look hired investment bankers, Greenhill & Co, in late 2006 to review
strategic alternatives to maximize shareholder value. Over the past few
months, Greenhill has held talks with Interested Parties in pursuit of this
process. In an about-turn, some of these discussions stopped abruptly and were
followed by these two events on consecutive days.
Look and UBS believe Rogers' complaint to the OSC is poorly conceived,
erroneously based and without merit. Look and UBS will both deal with the OSC
on that basis.
Look will challenge Bell Canada's attempt to disconnect services. Look
has also retained McMillan Binch Mendelsohn LLP to prepare a Statement of
Claim against Bell Canada that goes back many years to the time when Bell was
the principal shareholder of Look.
The Management of Look and UBS believe that these recent events are not
totally unexpected from Rogers and Bell Canada and result from:
1) UBS' legal action calling for, among other things, specific
performance with respect to a contract between UBS Wireless
Services Inc. and Inukshuk Internet Inc., signed on
January 16th, 2003; and
2) the recent review of strategic alternatives to maximize
Look and UBS believe it prudent to notify all stakeholders in their
companies, including Look's 60,000 subscribers, as well as the appropriate
Regulatory Authorities, of the recent behaviour and actions of Bell Canada and
Rogers with respect to these events.
Look and UBS will endeavour to keep these same stakeholders and
Regulators apprised of the actions that Look and UBS believe will continue to
About Unique Broadband Systems, Inc.
UBS is a publicly listed Canadian company that has a 51.5% 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
web site may be found at www.uniquebroadband.com.
About Look Communications Inc.
Look Communications' mission is to be an M(3) - Mobile Multi Media -
entertainment and information service provider in Ontario and Québec. The
Company is developing an 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.
The corporate information contained in this release contains
forward-looking statements regarding future events and the future performance
of Look and 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 Look and 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 Look or UBS that actual results
achieved will be the same in whole or in part as those forecast.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Peter Block, Investor and Media Relations,
firstname.lastname@example.org, (403) 531-0331, (416) 586-0180