RE: RE: Halted!!Looks like we SINK!!!! Unbelievable.... I'd say it's over, now...
Company News Alert
UNIQUE BROADBAND SYSTEMS, INC. PROVIDES UPDATE ON LITIGATION (cnw)
TORONTO, May 31, 2011 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX Venture: UBS) announced today that in connection with the claims and counterclaims involving, among others, Jolian Investments Limited, Gerald McGoey, DOL Technologies Inc. and Alex Dolgonos (the "Plaintiff Group"), the court has rendered a decision in connection with motions for summary judgment brought by UBS and the Plaintiff Group relating to the indemnification of the Plaintiff Group's legal expenses.
The court ordered UBS to pay the Plaintiff Group's past legal costs as well as the legal expenses in the litigation on an ongoing basis, including all costs relating to the claims of certain members of the Plaintiff Group for termination payments under certain management services agreements. Based on information provided by the Plaintiff Group's counsel, as of the date that the motion for summary judgement was argued in April, UBS estimates the legal expenses of the Plaintiff Group to be approximately $750,000.
The board of directors of UBS is reviewing the reasons for decision and, in consultation with legal counsel, is considering its options.