Redesigned UBS web siteat www.uniquebroadband.com
"Looks" good.
Also,
March 7, 2011
Dear Fellow Shareholders,
On February 25, 2011 Unique Broadband Systems, Inc. (the“Corporation” or “UBS”) held its Annual and Special Meeting ofShareholders. The purpose of this meeting was, among other things:
- To receive and consider the consolidated financial statements of the Corporation;
- To elect directors;
- To appoint auditors and authorize the directors to fix their remuneration; and
- To consider a special resolution of shareholders of the Corporation permitting a return of capital.
As shareholders are aware, the current board of directors was first elected in July 2010 with a mandate to:
- Review non-arm’s length contracts, compensation arrangements and transactions with assistance from independent experts;
- Pursue court actions to recover any improper compensation paid or awarded in 2009; and
- Preserve and enhance the value of the Corporation’s primary asset, a 39% interest in Look Communications Inc. (“Look”).
At the February 25, 2011 shareholders’ meeting, thirteenshareholders, including entities controlled by the Corporation’s formerChief Executive Officer and Chief Technology Consultant, Gerald McGoeyand Alex Dologonos, challenged the current board by attempting toreplace it with new directors. With votes representing approximately 28%of the total number of outstanding common shares, the dissident groupof shareholders nominated an alternative slate of directors comprised ofRobert Stikeman, Michael Cytrynbaum (the former Executive Chairman ofLook) and Pasteur Ntake. A vote was conducted by ballot and the slate ofdirectors proposed by the dissident shareholders was defeated, thusreaffirming the mandate of the board as set out above. No ballots weredisallowed.
The special resolution permitting a return of capital required theapproval of two thirds of the votes cast at the meeting. The dissidentgroup of shareholders held a sufficient number of votes to defeat thisresolution and expressed their intention to defeat it. As a result,management decided not put the special resolution to the meeting for avote.
We confirm that Grant Thornton LLP was appointed as the Corporation’s auditors for fiscal 2011.
The board appreciates the continued support of shareholders and isworking hard to accomplish the objectives of defending the claimslaunched by the former CEO and CTO for termination payments of $13.4million, pursuing its counterclaims and maximizing the value of itsinterest in Look. To this end, over $1.7 million of the 2009 awards havebeen eliminated to date and management salaries have been greatlyreduced from the amounts paid prior to the election of the new boardlast July.
Thank you for your continued interest in, and support for, the Corporation.
Yours sincerely,
“Robert Ulicki”
Robert Ulicki
Chairman of the Board of Directors
https://www.uniquebroadband.com/?p=210