VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/05/13 -- Uniserve Communications Corporation (the "Company") (TSX VENTURE: USS) wishes to announce that it has negotiated a settlement with the $3,935,000 of Preferred Shares which are currently outstanding. The proposal will see all arrears over the past two years written off through to June 30, 2013 which amount to total approximately $1,000,000 for forgiveness of debt, and the Preferred Shareholders will write off one-third of the principal amount owing resulting in a reduction of the principal obligation outstanding under the Preferred Shares to approximately $2,600,000. In consideration, the Company will cancel the Preferred Share Certificates and issue Promissory Notes reducing the interest rate from 8% to 5% payable monthly with interest commencing July 1, 2013. The Notes will have a four year term and be convertible into common shares of the Company at $0.10 per share during the term of the Note. If the Company's share price trades at $0.20 or higher for a ninety day period, the Company will have the option to force conversion of the debt into common shares. To date, over 86% of the Preferred Shareholders have consented to this new arrangement. Assuming all the Preferred Shareholders consent, the benefit to the Company will be approximately $5,000,000 in reduction of current liabilities.
The Company is also pleased to announce the appointment of Dale Matheson Carr-Hilton Labonte LLP, Chartered Accountants, as our new auditors.
Uniserve Communications Corporation (TSX VENTURE: USS) is an industry 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.
Bruce Sanderson, President and CEO
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.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Uniserve Communications Corporation
Investor & Corporate Relations
Most Popular Stories
- 5 Notable Hispanic Technology Executives
- Top Hispanic Tech Companies Push for the Top
- Russia, Crimea Discuss Referendum
- 'Holy grail of guitars' OM-45 Deluxe Available in in NY Auction
- Justin Bieber Loses Cool Over Selena Gomez
- Maya Angelou Cancels Milagro Gala Appearance Due to Illness
- Spotify Picking up Echo Nest
- Getty Releases Millions of Images for Free Via Embed Tool
- GOP 2016 Hopefuls Face Off at CPAC
- Goya Nutritionist Answers Demand for Healthy Hispanic Dishes