TSXV:KUR.H - Post by User
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gijane_on Feb 16, 2011 10:34pm
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Mitrovich caves in
Mitrovich caves in
TORONTO, Feb. 16, 2011 (Canada NewsWire via COMTEX News Network) --
UniqueBroadband Systems, Inc. ("UBS") (TSXV: UBS) announces that they andLook Communications Inc. have reached a settlement agreement with LouisMitrovich, a former director of each company. Among other things,the settlement agreement will resolve the counterclaims by UBS againstMr. Mitrovich in the actions that were commenced against UBS by JolianInvestments Ltd. (the company owned by Gerald McGoey, the former ChiefExecutive Officer of UBS) and by DOL Technologies Inc. (the companyowned by Alex Dolgonos, the former Chief Technology Officer of UBS)subject to fulfillment of certain terms. UBS continues to vigorouslydefend the actions by Jolian and DOL and to pursue its counterclaimsagainst certain former directors and officers of UBS.
Thesettlement with Mr. Mitrovich provides, among other things, that Mr.Mitrovich irrevocably waives any claim for payment of the amount of$450,000 for certain restructuring awards from UBS made in June 2009.
Withthis settlement, UBS has, under the new board elected in July 2010,eliminated more than $1.7 million of the contingent 2009 restructuringawards on the financial statements of UBS.
About Unique Broadband Systems, Inc.
UBS'sshares are listed on the TSX Venture Exchange under the symbols "UBS".More information on UBS can be found at www.sedar.com.
Thecorporate information contained in this release includesforward-looking statements regarding future events and the futureperformance of UBS that involve risks and uncertainties that couldcause actual results to differ materially. Assumptions used in thepreparation of such information, although considered reasonable by UBSat the time of preparation, may prove to be incorrect. The actualresults achieved may vary from the information provided herein and thevariations may be material. Consequently, there is no representation byUBS that actual results achieved will be the same in whole or in partas those forecast.
Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
https://www.newswire.ca/en/releases/archive/February2011/16/c3581.html