Uniserve Clarifies Recent Events And Responds To Stockwatch Street Wire "News Service"

Uniserve Clarifies Recent Events And Responds To Stockwatch Street Wire "News Service"
  
 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 5, 2014) - Uniserve Communications Corporation (TSX-VENTURE:USS) (the "Company" or "Uniserve") wishes to respond to a news article posted on Stockwatch by Mike Caswell regarding an injunction granted to the Company in BC Supreme Court against Teliphone Navigata-Westel ("Navigata").

On Wednesday February 26, 2014, Uniserve received an unexpected suspension notice from Navigata stating that all current and past due invoice amounts, plus unwarranted new charges, for services were immediately due and payable. The notice stated that failure to pay these amounts would result in Navigata shutting down all of the internet transit services provided to Uniserve through Navigata's downtown Vancouver co-location facility on Monday, March 3 at 4:00 p.m.

On or about the same time, a letter was delivered to Uniserve's Board of Directors by Navigata's CEO, Benoit Laliberte. In this letter Mr. Laliberte proposed that he be appointed CEO of Uniserve on March 3rd and that Uniserve then enter into a management agreement with Navigata. According to the letter, this would result in Navigata terminating all but four of Uniserve's forty employees and moving all billing, support and network operations to Navigata's premises, while closing the Uniserve office.

Upon receipt of this letter, it became clear to the Company's Management and Directors that the demand for a deposit and immediate payment of all invoices appeared to be part of a calculated plan by Mr. Laliberte to attempt to take over the Company without having to make a formal offer to Uniserve's shareholders. The fact that Mr. Laliberte has contacted Uniserve's Chairman - and majority shareholder - numerous times over the past sixteen months expressing his desire to acquire the Company fully supports the Directors' opinion that this was nothing more than a 'back-door attempt' at a hostile takeover. By threatening to cut off internet and telephone services to thousands of Uniserve's customers through the imposition of an unacceptable and onerous deposit requirement, Navigata and Mr. Laliberte exhibited a willingness to use whatever tactics they can to assume control of the Company.

As a result Uniserve had no choice but to secure an injunction against Navigata to ensure the continued and uninterrupted service to its residential and business customer base. Furthermore, the Company has provided full and complete payment of all current and past due invoices and has given notice of intent to vacate Navigata's co-location facility.

Uniserve Communications Corporation (TSX-VENTURE:USS) is a leader in the integration and delivery of voice and data services over multiple IP networks directly or through wholesale partnerships to businesses and retail consumers throughout Canada. Learn more at www.uniserve.com or at www.sedar.com. This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Joseph Willmott, President & CEO

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.

Uniserve Communications CorporationInvestor & Corporate [e-mail]