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Unique Broadband Systems, Inc. Reports Fiscal 2012 Results
By: Marketwired .
Nov. 30, 2012 05:01 PM
TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 -- Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) today reported its operating and financial results for the year ended August 31, 2012.
Operating and financial highlights included the following:
-- UBS continues to operate under the court approved Company Creditors Arrangement Act; -- On July 6, 2012, a settlement agreement was reached between UBS and its directors, and Mr. Alex Dolgonos, 2064818 Ontario Inc., 6138241 Canada Inc. and DOL Technologies Inc. which resulted in, among other things, the reversal of $1,155 of the restructuring award originally granted in June 2009, and any accrued interest, to restructuring charges. The remaining balance of $500 will be settled under the CCAA claims process; -- The Management Services Agreement between Look and UBS expired on May 19, 2012; -- Cash and cash equivalents, as at August 31, 2012, totalled $1.6 million, which represents an increase of $0.7 million from August 31, 2011. The increase was due primarily to the return of capital totalling $2,739 that Look paid to the holders of its shares in March, 2012, partially offset by the settlement of accounts payable and accruals; -- Operating expenses before restructuring charges for fiscal 2012 totalled $2.6 million, a decrease of $0.4 million or 12.3% from the $3.0 million incurred during fiscal 2011; and -- The net loss for the year ended August 31, 2012 was $2.0 million, or a basic loss per share of $0.02.
UBS continues to examine opportunities to maximize shareholder value.
For further information on UBS' financial results, please review UBS' audited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the years ended August 31, 2012 and 2011.
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 the future performance of 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 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.
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