UBS Provides Update on CCAA Proceedings and Shareholders' Meeting
08 Maio 2012 - 7:47PM
PR Newswire (Canada)
TORONTO, May 11, 2012 /CNW/ - Unique Broadband Systems, Inc.
("UBS") is issuing this release to provide an update on the status
of proceedings under the Companies' Creditors Arrangement Act (the
"CCAA") and the upcoming shareholders' meeting (the "Meeting"). On
April 13, 2012 a court order in the CCAA process was obtained which
set out a partial timetable in respect of the determination of the
Claims. A copy of the order can be found on the monitor's
website at www.duffandphelps.com/restructuringcases under the UBS
link. Pursuant to this timetable, on April 26, 2012, Messrs.
Dolgonos and McGoey and certain of their affiliates formally set
out the factual and legal basis for the over $18 million in claims
made against UBS (the "Claims"). On May 7, 2012, UBS formally
responded by providing details of their responses and defences to
such Claims and set out the legal and factual basis of the
counterclaims which they seek to advance against Messrs. Dolgonos
and McGoey and certain of their affiliates. Certain
procedural elements of the claims process will continue through to
the beginning of June and motions are scheduled to be heard on June
13, 2012. On March 28, 2012, the board of UBS called the Meeting in
response to the requisition delivered by affiliates of Mr. Alex
Dolgonos. The purpose of the Meeting, among other things, is
to replace the current board of directors of UBS with a slate of
directors proposed by the affiliates of Mr. Dolgonos, namely
Messrs. Kenneth D. Taylor, Azim S. Fancy, Daniel Marks and Victor
Wells. In setting July 11, 2012 as the date for the Meeting,
the board took into consideration a number of factors, including
its reasonable expectation at the time that the determination and
quantification of the Claims would be completed prior to such date
through the claims process established under the CCAA. While the
board believes that there is the possibility that the claims
process may be materially advanced or potentially settled prior to
July 11, 2012, the board also believes at this time that it is
unlikely that UBS will have any meaningful information in respect
of the determination of the Claims to provide to shareholders by
the time that it is required to mail a proxy circular to
shareholders. In seeking to gain control of UBS' board, and
consequently control of the CCAA process, prior to the
determination of the Claims that he is asserting against UBS, the
board believes that Mr. Dolgonos is acting solely to advance his
own self-interest and not the best interests of all
shareholders. The board of UBS remains of the view that the
Claims are without merit and that the best interests of all
shareholders is served through the completion of the court
supervised CCAA claims process as the most cost-effective,
efficient and expeditious means for UBS to deal with the
Claims. The board continues to believe that in order to make
an informed decision regarding which slate of directors to support,
shareholders should first be entitled to understand the likelihood
of the Claims being disallowed and the corresponding potential
value of their shares. If the Meeting proceeds on July 11,
2012, shareholders will likely be voting on the replacement of the
board without the benefit of any information which permits them to
understand the value of their shares in the event that the Claims
are disallowed. The board of UBS previously announced that they may
consider adjourning the Meeting or seeking an order of the court to
postpone the Meeting, including until such time as the claims
process is completed, in order to ensure that shareholders can be
provided with meaningful information to make an informed decision
regarding the replacement of the board. While the board will
be considering its options in this regard, no decision to adjourn
or postpone the Meeting has been made at this time and the Meeting
remains scheduled for July 11, 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. Unique
Broadband Systems, Inc. CONTACT: Grant McCutcheon, CEO(905)
660-8100
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