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  • Founder of Unique Broadband Systems Announces Increase in Ownership and Take-Over Bid

19th January 2012

Founder of Unique Broadband Systems Announces Increase in Ownership and Take-Over Bid

unique broadband systemsMr. Alex Dolgonos, the founder and original chief executive officer of Unique Broadband Systems, Inc. announced late yesterday that a corporation associated with him, 2064818 Ontario Inc., at 207 Arnoro Avenue, Thornhill, Ontario, has increased its shareholding in UBS. The Company has also been notified that a corporation or corporations associated with Mr. Dolgonos intend to make a take-over bid for up to 10,000,000 UBS shares at a price of $0.08 per share.

2064818 Ontario Inc. has acquired an aggregate of 825,000 UBS shares since December 23, 2011, bringing its holding of UBS shares to 12,730,255, or approximately 12.38% of the total outstanding UBS shares. These UBS shares were purchased through the facilities of the TSX Venture Exchange pursuant to the normal course purchase exemption of applicable Canadian securities laws, at prices ranging from $0.03 to $0.04 per UBS share. An affiliate of 2064818 Ontario Inc. also associated with Mr. Dolgonos, 6138241 Canada Inc., owns 8,500,000 UBS shares, or approximately 8.27% of the total outstanding UBS shares. In aggregate, 2064818 Ontario Inc. and 6138241 Canada Inc. now own 21,230,255 UBS shares, or approximately 20.66% of the total outstanding UBS shares, and are UBS’s largest shareholders. These corporations or their affiliates may purchase additional UBS shares in the market in accordance with applicable Canadian securities laws.

The take-over bid is being made to preserve the remaining value of the Company, including its cash resources and investment in Look Communications Inc. It is anticipated that the circular for the bid will be mailed on or about January 27, 2012. During the course of the bid or upon its closing, 2064818 Ontario Inc. and/or 6138241 Canada Inc. intend to requisition a special meeting of the shareholders of UBS to elect a new board of directors for the Company.

This entry was posted on Thursday, January 19th, 2012 at 3:43 am and is filed under Business News, National News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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