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.
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.