Evaluation and discussions continue for the sale of Look's assets
3/10/2009 8:30 AM - Canada NewsWire
TORONTO, Mar 10, 2009 (Canada NewsWire via COMTEX News Network) --
Unique Broadband Systems, Inc. (the "Company") (TSX Venture: UBS) today announced that its 51 per cent controlled subsidiary Look Communications Inc. ("Look") (TSX Venture: LOK and LOK.A), together with Grant Thornton Limited, the Monitor, is continuing its analysis, evaluation and discussions for the sale of some or all, in whole or in part, of Look's assets pursuant to the Sales Process Order approved by the Ontario Superior Court of Justice on January 21, 2009.
If an agreement or agreements are executed with one or more purchasers for Look's assets, Look will seek a Final Approval Order from the Court to approve any transaction, or series of transactions. Any transaction may be subject to various closing 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 M3 - Mobile Multi Media - communications, entertainment and information service provider in Ontario and Qu�bec. 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.
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SOURCE: Unique Broadband Systems, Inc.
Peter Block, E-mail: irinfo@uniquebroadband.com, (647) 259-3284
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