Market Overview

Unique Broadband Systems, Inc. Commences Sales Process for Look Shares

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2012) - Unique Broadband Systems, Inc. ("UBS") (TSX VENTURE:UBS) announces that on November 9, 2012, the Ontario Superior Court of Justice made an order approving a process by which UBS will seek offers for the purchase of all or part of the 24,846,578 multiple voting shares and 29,921,208 subordinate voting shares of Look Communications Inc. ("Look") that UBS holds indirectly through its wholly-owned subsidiary, UBS Wireless Services Inc. These shares represent a 39.2% economic interest and a 37.6% voting interest in Look.

The sales process will be run by Duff & Phelps Canada Restructuring Inc. in its capacity as monitor of UBS under the Companies Creditors' Arrangement Act.

A special committee comprised of Messrs. Vic Wells and Kenneth Taylor will review and consider all offers and will determine the successful offer, if any. UBS is under no obligation to accept the highest and best offer, or any offer, acting reasonably. Any transaction for the sale of the Look shares will be subject to approval by the Court. All offers must be structured on a basis that is exempt from the prospectus requirements of applicable securities laws. Depending on, among other things, the price being offered and the percentage of Look shares being purchased, the successful offeror, if any, may be required to make an offer to purchase the shares of all other shareholders of Look under applicable securities laws. Interested parties should consult with their legal counsel prior to submitting an offer.

All communication relating to the sales process should be directed to the monitor. For more information, please contact Mitch Vininsky, (416) 932-6013 or Noah Goldstein, (416) 932-6207.

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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