Uniserve makes strategic investment in Canadian Managed Services IT Company
June 16 2017 - 9:30AM
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.
About Uniserve 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.
This news release was prepared on behalf of the Board of
Directors, which accepts full responsibility for its contents.
Learn more at www.uniserve.com or at www.sedar.com.
Michael C. Scholz Chairman of the Board
For more information please contact Mr. Mark Stanton at
604-395-3908 or email us at mark.stanton@uniserveteam.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.
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