TORONTO, ONTARIO--(Marketwire - July 17, 2012) - 2064818 Ontario Inc. (the "Offeror") today announced that it has terminated its $0.08 per share offer (the "Offer") to purchase 10,000,000 common shares of Unique Broadband Systems, Inc. ("UBS" or the "Company"). The Offer was previously set to expire on August 17, 2012.
On July 13, 2012, UBS announced that Mr. Victor Wells and Mr. Kenneth Taylor have been appointed as directors of the Company, replacing Mr. Grant McCutcheon and Mr. Henry Eaton.
"In launching the Offer, our stated intention was to requisition a special meeting of shareholders of UBS to elect a new board of directors, one determined to preserve the remaining value of UBS, including its cash resources and investment in Look," said Mr. Alex Dolgonos, president of the Offeror. "With the appointment of Mr. Wells and Mr. Taylor to the Company's board of directors, the purpose of the Offer has been satisfied."
"UBS continues to have a 39% interest in Look Communications Inc., a company with an estimated $18 million in cash and short-term investments and $165 million of tax attributes," added Mr. Dolgonos. "These assets can provide the foundation for a successful operating business, and I look forward to a new beginning for the Company."
Pursuant to its rights under the Offer, 2064818 Ontario Inc. is terminating the Offer and is not accepting for payment any shares that have been tendered to date, and such shares will be returned promptly, without expense, to the holders who have tendered such shares.
Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and 2064818 Ontario Inc. is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.