UBS resumes, Look is halted and suesInvestment Industry Regulatory Organization of Canada - Trade Resumption - Unique Broadband Systems Inc - UBS
VANCOUVER, July 6, 2011 /CNW/ - Trading resumes in:
Issuer Name:Unique Broadband Systems Inc
TSX-V Ticker Symbol: UBS
Resumption Time: 9:30 EST
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Investment Industry Regulatory Organization of Canada - Trading Halt - Look Communications Inc. - LOK, LOK.A
VANCOUVER, July 6, 2011 /CNW/ - The following issues have been halted byInvestment Industry Regulatory Organization of Canada (IIROC):
Issuer Name: Look Communications Inc.
TSX-V Ticker Symbol: LOK, LOK.A
Time of Halt: 9:23 E.S.T.
Reason for Halt: Company Request Pending News
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https://www.newswire.ca/en/releases/archive/July2011/06/c3590.html
LOOK COMMUNICATIONS ISSUES STATEMENT OF CLAIM AGAINST FORMERDIRECTORS AND OFFICERS IN CONNECTION WITH PAYMENT OF APPROXIMATELY $20MILLION OF AWARDS IN 2009
TORONTO, July 6, 2011 /CNW/ - Look Communications Inc. ("Look" or the"Corporation") (TSX Venture: LOK and LOK.A) announces that it hasissued a Statement of Claim (the "Claim") in the Ontario Superior Courtof Justice (the "Court") against certain former directors and certainformer officers of Look in connection with the payment of approximately$20 million of "restructuring awards" in 2009 (the "Sale Awards"), ofwhich approximately $15.7 million was paid to the directors and seniorofficers named in the Claim (or their personal holding companies, asapplicable) from the net proceeds of approximately $64 million realizedby Look on the sale of its spectrum licence in 2009. The formerofficers and directors named in the Claim include Gerald McGoey (Look'sformer Chief Executive Officer and former Vice Chair of Look), JasonRedman (Look's former Chief Financial Officer), Alex Dolgonos (Look'sformer Chief Technology Officer), Michael Cytrynbaum, Stuart Smith andScott Colbran (each a former director of Look) as well as First FiscalManagement Ltd. (a company controlled by Mr. Cytrynbaum), JolianInvestments Limited (a company controlled by Mr. McGoey) and DOLTechnologies Inc. (a company controlled by Mr. Dolgonos). Aspreviously announced by Look, these former directors and officersresigned en masse effective July 21, 2010.
Look's Claim focuses principally on recovering damages in the amount ofapproximately $20 million (less any severance amounts properly payableto Look's employees from such amount) for breach of fiduciary dutiesand standards of care by Messrs. Cytrynbaum, McGoey, Smith, Colbran andRedman in connection with the payment of the Sale Awards or, in thealternative, damages for unjust enrichment from Messrs. Cytrynbaum,McGoey, Dolgonos, Smith, Colbran and Redman in an amount equal to theSale Awards received by each of them (or their personal holdingcompanies, as applicable).
None of the allegations in the Claim have yet been proven before theCourt and none of the defendants have yet filed a statement of defence.Look intends to vigorously pursue its claims against the formerdirectors and former officers named in the Claim (as well as theirpersonal holding companies, as applicable) for payments and decisionswhich the Corporation believes were not in Look's or its shareholders'best interests.
Forward-Looking Statements
Certain statements contained in this press release constituteforward-looking statements. The words "may", "would", "could", "will","intend", "plan", "anticipate", "believe", "estimate", "expect" andsimilar expressions as they relate to Look are intended to identifyforward-looking statements. Such statements reflect Look's currentviews with respect to future events and are subject to certain risks,uncertainties and assumptions. Many factors could cause actual results,performance or achievements that may be expressed or implied by suchforward-looking statements to vary from those described herein shouldone or more of these risks or uncertainties materialize. In addition,there can be no assurance with respect to the outcome of litigation. Inparticular, there can be no assurance that Look will be able to recoverany of the amounts sought in its claims. Except as required by law,Look does not assume any obligation to update or revise the forwardlooking statements contained in this press release to reflect actualevents or new circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.