what a load of .....I know they have saved 900,000 but I don't feel any better.
UBS AND LOOK SIGN AMENDMENT TO MANAGEMENT SERVICES AGREEMENT
TORONTO, Dec. 3, 2010 (Canada NewsWire via COMTEX News Network) --
UniqueBroadband Systems, Inc. ("UBS") (TSX Venture: UBS) and LookCommunications Inc. ("Look") (TSX Venture: LOK and LOK.A) are pleasedto announce that they have concluded an amendment to the ManagementServices Agreement entered into between UBS and Look on May 19, 2004(the "Agreement") under which UBS is paid to provide Look with a widerange of services designed to maximize Look's full commercialpotential.
Under the terms of the Agreement, Look is required topay UBS an annual fee of $2.4 million, monthly in advance. InSeptember 2007, Look's Board of Directors approved a pre-payment to UBSof $2.4 million, which has been maintained on a 12-month rollingbasis, by Look continuing to pay UBS $200,000 per month.
OnApril 22, 2010, Look's former Board of Directors notified UBS that itwill not be recommencing the Agreement on May 19, 2010 such that theAgreement will expire at the end of its current term being May 19, 2012or such earlier date that is mutually agreed to by Look and UBS.
Asa result of the sale of its spectrum and broadcast licence to Inukshukand the resulting restructuring of its business during 2009, Look nolonger requires the same level of Chief Executive Officer Services andOther Services from UBS, particularly as that relates to annualbusiness planning and budgeting, human resources, engineering, updatingof broadcast and information technology, the management of regulatoryrequirements, and managing Look's fixed and variable costs to maximizeLook's profits. Accordingly, on December 2, 2010, Look and UBS agreedthat, with effect from January 1, 2011, Look will no longer maintainthe prepaid annual fee of $2.4 million on a monthly basis and that thisamount will be drawn down at approximately $145,000 per month over theremaining term of the Agreement, being January 1, 2011 through May 19,2012, in lieu of the annual fee that would otherwise be payable to UBSunder the Agreement. UBS will continue to provide services to Look,where still applicable pursuant to the Agreement, and all other termsand conditions of the Agreement will remain in effect until May 19,2012. The cash flow impact of this amendment is a reduction ofapproximately $900,000 in fees from Look to UBS over the remaining termof the Agreement.
"We are pleased with this amendment to theAgreement given the 2007 advance payment and Look's 2009 restructuringof its operations. UBS and Look will continue to work together tomonetize and maximize the value of Look's remaining assets" said RobertUlicki, Chairman of UBS and David Rattee, Chairman of Look.
.The Amending Agreement may be viewed on SEDAR.
About Unique Broadband Systems, Inc.
UBSis a publicly listed Canadian company (TSX Venture: UBS) that has a39.2% fully diluted economic interest in Look Communications Inc. andother assets.
The Company's website may be found at www.uniquebroadband.com.
About Look Communications Inc.
Look'sshares are listed on the TSX Venture Exchange under the symbols "LOK"for Multiple Voting Shares and "LOK.A" for Subordinate Voting Shares.Look's website may be found at www.look.ca.
Forward looking statements
Thecorporate information contained in this release includesforward-looking statements regarding future events and the futureperformance of UBS and Look that involve risks and uncertainties thatcould cause actual results to differ materially. Assumptions used inthe preparation of such information, although considered reasonable byUBS and Look at the time of preparation, may prove to be incorrect. Theactual results achieved may vary from the information provided hereinand the variations may be material. Consequently, there is norepresentation by UBS and Look that actual results achieved will be thesame in whole or in part as those forecasts.
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
SOURCE: Look Communications Inc.
SOURCE: Unique Broadband Systems Inc.
<p>RobertUlicki, Director of UBS at (416) 642-5703, or</p> <p>GrantMcCutcheon, Director of Look and UBS at (905) 660-8100</p>
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