UBS Served with Statement of Claim (cnw)

TORONTO, Dec. 23 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Corporation") (TSX Venture: UBS) announces that 2064818 Ontario Inc., a corporation controlled by UBS' former Chief Technology Consultant, Alex Dolgonos, has served a statement of claim (the "Statement of Claim") on UBS and each of its directors, Grant McCutcheon, Robert Ulicki and Henry Eaton, the directors of UBS elected at the special meeting of shareholders on July 5, 2010.

Among other things 2064818 Ontario Inc. alleges that (i) the directors of UBS are exercising their powers as directors in a manner that is oppressive, unfairly prejudicial and unfairly disregards the interests of UBS shareholders; and (ii) the existing directors have failed to act honestly and in good faith with a view to the best interests of UBS. The allegations are made, among other things, in respect of the amendment of the management services agreement between UBS and Look Communications Inc. ("Amended MSA"). It is also alleged that the directors of UBS intentionally triggered a change of control in the management services agreement with Jolian Investment Limited (a company controlled by the former Chief Executive Officer of UBS) by failing to re-elect the former CEO as a director.

The Statement of Claim seeks various relief, including among other things, (i) the removal of the directors of UBS from its board of directors, (ii) the setting aside of the Amended MSA or, in lieu thereof, damages in the amount of $900,000, and (iii) an order restraining UBS from obtaining any dilutive financing unless existing shareholders are entitled to participate in such financing on a pro rata basis.

UBS intends to review the Statement of Claim with its legal counsel and will provide a full and vigorous defense in due course.