UBS

Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX VENTURE:UBS)
announced today that the Honourable Madam Justice Mesbur of the Ontario Superior
Court of Justice released Reasons for Decision in respect of the appeal by
Jolian Investments Limited and Mr. Gerald McGoey (together, the "Jolian
Parties") of the denial of their claims against the Company. These claims were
initially filed in the Company's Companies' Creditors Arrangement Act ("CCAA")
proceedings and were initially rejected by UBS on the basis that the actions of
the Jolian Parties constituted, among other things, a breach of fiduciary duty
and demonstrated a lack of honesty and lack of good faith. 


The Jolian Parties submitted three proofs of claim against the Company totalling
approximately $9.5 million. This amount was reduced by the Jolian Parties during
the course of the trial to approximately $5.8 million. In addition, the Jolian
Parties claimed an indemnity in respect of all professional fees incurred in
pursuing their claims and defending claims against them.  


The Company is pleased to report that Justice Mesbur found that the former UBS
board, including McGoey, failed to consider the interests of shareholders and
breached their fiduciary duties owing to the Company. Based on these findings,
Her Honour 1) disallowed the Jolian Parties' claim for payment in respect of the
cancellation of the Company's share appreciation rights plan; 2) disallowed the
Jolian Parties' claim for payment of a deferred bonus; 3) disallowed the Jolian
Parties' claim for indemnification; and 4) ordered the Jolian Parties to repay
all monies previously advanced to them in the nature of indemnification. 


Notwithstanding Justice Mesbur's findings of wrongdoing on the part of the
Jolian Parties, including breach of fiduciary duty, she also found that Jolian
was entitled to an "enhanced severance" payment as a result of the termination
of its contract with UBS. Jolian is now required to file a revised proof of
claim, which the Company expects to be approximately $2.8 million (exclusive of
costs and interests, if any, which have yet to be determined). In this regard,
the Company is carefully reviewing Justice Mesbur's Reasons for Decision and
considering an appeal.  


A copy of the Reasons for Decision will be made available shortly on the
monitor's website at www.duffandphelps.com/restructuringcases under the UBS
link. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Unique Broadband Systems, Inc.
Grant McCutcheon
CEO
(905) 660-8100

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