TORONTO, Jan. 2, 2015 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (NEX: UBS.H) announced that effective as of December 31, 2014, Mr. Robert Ulicki has resigned as a director of the Company. The Board wishes to thank Mr. Ulicki for his significant service to the Company since July 2010 when he was first elected to the board of directors with a mandate to, among other things, review excessive restructuring awards paid by UBS to the former board. This mandate has now been fulfilled, as evidenced by the Court of Appeal's recent decision upholding the findings that the Company's former CEO and director breached his fiduciary duties owed to the Company and shareholders in respect of how the former board decided to establish certain payments to itself. Mr. Ulicki's resignation also ensures that the Board remains free from any conflict of interests should Mr. Ulicki decide to take any independent action in respect of the Company's current CCAA process.
Mr. Ulicki's role as Chairman of the Board will be assumed by Mr. Victor Wells. Further announcements regarding board composition will be made if and when available.
About Unique Broadband Systems, Inc.
UBS's shares are listed on the NEX under the symbol "UBS.H". 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 costs 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 NEX nor its Regulation Services Provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Unique Broadband Systems, Inc.
For further information: Victor Wells, Director, (905) 660-8100