UBS welcomes government decision on spectrum rules; Look is reviewing options for maximizing shareholder value
Friday November 30, 1:01 pm ET
TORONTO, Nov. 30 /CNW/ - Unique Broadband Systems, Inc. (the "Company") (TSX Venture: UBS - News) today welcomed the Government of Canada's new policy decisions regarding the May 2008 Advanced Wireless Services ("AWS") spectrum auction of 105 MHz, announced on November 28, 2007.
Amongst other things, the Minister of Industry, Jim Prentice, announced
the following significant policy decisions:
1. Mandatory roaming provisions;
2. Mandatory antenna tower and site sharing;
3. Binding arbitration for commercial negotiations;
4. A set aside of 40 MHz of spectrum for new entrants; and
5. Minimum opening bids of over $500 million for all geographic areas.
The Company believes the new policy decisions will foster better and more diverse services for consumers. In particular, the spectrum set aside, mandated roaming and antenna tower and site sharing, coupled with binding arbitration to conclude commercial agreements, are likely to encourage increased competition and lower prices in Canada's wireless industry.
Look Communications Inc. ("Look"), the Company's 51 per cent controlled subsidiary, currently has the right to use approximately 90 MHz of MDS spectrum in the 2.6 to 2.7 GHz mobile spectrum band, which together with its mobile broadcast license, position the Look well for this growing wireless market. The Company is pleased with the introduction of the new policy decisions announced by Industry Canada with respect to mandatory roaming and antenna tower and site sharing in trading areas across all of Canada.
In light of these significant changes being introduced into the Canadian wireless market, Look's Board of Directors, in conjunction with its financial advisor Greenhill & Co., Canada Ltd., is currently reviewing all options in order to maximize shareholder value.
About Unique Broadband Systems, Inc.
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UBS is a publicly listed Canadian company that has a 51.6% 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.
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Look's mission is to be an M(3) - Mobile Multi Media - entertainment and information service provider in Ontario and Québec. The Corporation 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 www.look.ca.
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.
For further information
Peter Block, Investor and media relations, E-mail: irinfo@uniquebroadband.com, (403) 531-0331, (416) 586-0180
Source: Unique Broadband Systems, Inc.
The SEC Must Go!
And jail shorters.
