VANCOUVER, British Columbia, June 26, 2017 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation is pleased to announce the completion of their investment in Glenbriar Technologies, a leading managed services company. Uniserve invested $800,000 ...
VANCOUVER, British Columbia, June 26, 2017 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation is pleased to announce the completion of their investment in Glenbriar Technologies, a leading managed services company. Uniserve invested $800,000 for a 61.3% ownership. The investment will be used to retire all Glenbriar loans and financial obligations as well as provide working capital for sales and marketing.
Nicholas Jeffery CEO of Uniserve Communications said, "we are really excited that this transaction has been completed so quickly amplifying the fit between the two parties."
As part of this investment, Uniserve has agreed to add Mr. Robert Matheson, the CEO of Glenbriar to Uniserve's board as a Director, replacing Mr. Kelly Walker, who will stay on as an Advisor. Also as part of this investment, Uniserve will issue to Glenbriar staff two million two-year common share purchase warrants exercisable at a price of $0.10 per share in year one, or $0.11 per share in year two.
For the year ending Sept 2016, Glenbriar had audited revenues of $4.7m and a positive EBITDA of $264k. For the six-month period ending March 31st, 2017, Glenbriar had revenues of $1.865m and a negative EBITDA of $18k.
Glenbriar has been in operation since 1992 with offices in Vancouver, Calgary, and Waterloo. With over 250 business clients, Glenbriar provides Canadian businesses with integrated IT solutions, managed services, and cloud based products in the fields of manufacturing, distribution, energy, health, education, retail, professional services, and real estate. The plan is to consolidate their Vancouver office into Uniserve's office location in the next ninety days.
Jeffery said, "this is a significant plank of our strategy to offer products and services across Canada and build out the managed service portfolio, this combined with the acquisition of Xanity Cloud services puts us in a dominant position for telecoms, media and technology managed services on the Western sea board."
The non-brokered private placement previously announced on June 12, 2017 for $400,000 has been increased to $600,000 and has been fully subscribed and no fees are payable.
Uniserve is a unified communications company which has been in existence for over 28 years, combining voice, data and media all into one seamless solution, one bill and one point of contact in Canada, spread across 13,000 customers serving the Residential / Small Office / Home office and Enterprise markets.
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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