TORONTO, Feb. 14, 2012 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX Venture: UBS) announces that it has today received exemptive relief from the Ontario Securities Commission which extends the period of time within which UBS is required to prepare and send to shareholders a directors' circular responding to the partial take over bid by 2064818 Ontario Inc., a company controlled by Mr. Alex Dolgonos, for 10,000,000 common shares representing only 10% of the Company's issued and outstanding common shares (the "Dolgonos Bid").
As previously announced, UBS has filed a motion (the "Motion") in the proceedings under the Companies' Creditors Arrangement Act ("CCAA") seeking a determination as to whether the Dolgonos Bid is stayed by the initial order made in the CCAA proceedings on July 5, 2011 and, if it is not, seeking an order to stay the Dolgonos Bid. The Motion is scheduled to be heard on Tuesday, February 21, 2012.
The exemptive relief from the OSC provides that if the Dolgonos Bid is not otherwise stayed, the directors' circular will be prepared and sent to shareholders on the earlier of the third day following the release of the decision of the court in respect of the Motion and Monday, February 27, 2012.
About Unique Broadband Systems, Inc.
UBS's 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 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 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.
For further information:
Grant McCutcheon, CEO