VANCOUVER, British Columbia, Jan. 19, 2017 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (the "Company") wishes to announce that at the Annual General Meeting scheduled for January 19, 2017, each of Messrs. Nicholas Jeffery, Hashim Mitha, ...
VANCOUVER, British Columbia, Jan. 19, 2017 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (the "Company") wishes to announce that at the Annual General Meeting scheduled for January 19, 2017, each of Messrs. Nicholas Jeffery, Hashim Mitha, Earnest C. Beaudin, Michael C. Scholz, Walter Schultz, Kelly Walker and Thorsten Gutsche will stand for election to act as Directors of the Company as approved by its Shareholders for the ensuing year. Mr. Albert Lim, the former Interim Chief Financial Officer of the Company, will not stand for relection as a Director. At this time, the Company wishes to thank Mr. Lim for his contribution to the Company since his joining the Board in July of 2014, and wishes him every success in his future endeavours.
The new addition to the Board is Mr. Nicholas Jeffery who currently resides in London, England. Mr. Jeffery is currently the Director of Data Centre Solutions CBRE and is responsible for client NPD and migration strategies as well as Smart City Solutions. Mr. Jeffery was also the former Managing Director of PSINet Europe and part of the executive team that took the business from a circa $30m loss to $15m profit in two years. PSINet was acquired for $15m out of chapter 11 and was sold for $150m two years later to Telstra and Interroute.
The Company further wishes to announce the closing of its 35,000,000 Unit private placement at $0.05 per Unit, originally announced in its October 13, 2016 press release, the terms of which were revised pursuant to its December 19, 2016 press release. The Company further announces that it will issue the 35,000,000 Units, with each Unit consisting of one common share and one transferrable share purchase warrant, with each warrant exercisable into one additional common share of the Company at $0.05 per share during year one, and $0.06 per share during year two to the date of expiry, being January 23, 2019 (the "Units") in the next few days. The proceeds derived from the 35,000,000 Unit placement will be used to satisfy the settlements disclosed in the Company's December 7, 2016 Press Release and the balance for working capital. A finder's fee is payable pursuant to this placement by way of 5% cash and a broker's warrant equal to 8% of the total raised by the finder of $9,250 in cash and 296,000 in broker's warrants issued on the same terms and conditions as the Units. In addition, a finder's fee will be paid to a finder of warrants only being equal to 12.5% of the total raised by that finder, of 1,037,500 warrants issued on the same terms and conditions as the Units.
In addition, the Company wishes to announce that the terms of the repricing of the 6,500,000 Warrants expiring December 2, 2017, as announced in its December 19, 2016 press release, have been further revised in that the price of the Warrants will be reduced to $0.07 per share from $0.10 and the term of exercise extended from December 2, 2017 to March 31, 2018, subject to receipt of TSX Venture Exchange approval. The Company confirms that the reduction in the exercise price is to better reflect the Company's current market price and that as permitted by the TSX, the number of Warrants, as amended, to be exercised by insiders is limited to no more than 10% of the total held by insiders, distributed pro rata among those insiders holding warrants.
Uniserve Communications Corporation (TSX-V:USS) is a leader in the integration and delivery of voice and data services over multiple IP networks directly and through wholesale partnerships to businesses and retail consumers throughout western Canada.
Uniserve currently has over 13,000 active business, residential and wholesale customers combined, providing over 45,000 active services.
Uniserve offers a comprehensive portfolio of managed services ranging from data storage, disaster recovery, firewalls, application hosting and a redundant resilient network, all backed by 24/7 technical support.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Michael C. Scholz
Chairman of the Board
For more information please contact Mr. Mark Stanton at 604-395-3908 or email us at email@example.com.
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: UNISERVE COMMUNICATIONS CORPORATION via Globenewswire
Source(s) : UNISERVE COMMUNICATIONS CORPORATION
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