Purchases majority interest in Glenbriar Technologies VANCOUVER, B.C., June 16, 2017 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (TSX-V:USS) is pleased to announce a strategic investment in a leading Managed Services IT company. Subject ...
Purchases majority interest in Glenbriar Technologies
VANCOUVER, B.C., June 16, 2017 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (TSX-V:USS) is pleased to announce a strategic investment in a leading Managed Services IT company. Subject to TSX Venture Exchange approval, Uniserve will invest $800,000 for 61.3% ownership of Glenbriar Technologies Inc. The investment will be used to retire all loans and financial obligations of Glenbriar as well as provide working capital for sales and marketing.
As part of this investment, Uniserve will appoint three new Directors to join Glenbriar's Board and Glenbriar will appoint one new Director to join Uniserve's Board. Uniserve will also issue 2 million 2-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.
As Uniserve's CEO Nicholas Jeffery stated: "With this investment in Glenbriar, Uniserve hopes to continue to expand its revenues and strategic alliances across Canada. We gain a much stronger national footprint and gain the opportunity to work with a very experienced team."
The non-brokered private placement previously announced on June 12, 2017 for $400,000 has been increased to $500,000.
Uniserve is a unified communications company in existence for over 28 years, combining voice, data and media all into one seamless solution, one bill and one point of contact.
Uniserve has 13,000 customers spread across Residential / Small Office / Home office and Enterprise, so where ever you are trying to make smart, secure and resilient - we can help you.
Uniserve prides itself on world class customer services, when all else is equal you can trust Uniserve to have a great price, a pleasing customer experience and a company you like working with.
Michael C. Scholz
Chairman of the Board
For more information please contact Mr. Mark Stanton at 604-395-3908 or email us at firstname.lastname@example.org.
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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