UBS calls a special meeting of shareholders

TORONTO, May 11 /CNW/ - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX Venture: UBS) announced today that it has called a special meeting of shareholders to be held in Milton, Ontario on Monday, July 5, 2010. The special meeting has been requisitioned by unidentified beneficial holders of 5,799,000 common shares of UBS, representing 5.6 per cent of UBS' 102,747,854 issued and outstanding shares, to have UBS shareholders vote on a resolution to remove the current members of UBS' Board of Directors from office and, if the resolution is adopted, to vote on a second resolution to fill the vacancies so created by the election of nominees proposed by the unidentified beneficial shareholders.

UBS understands that the law firm Gowling Lafleur Henderson LLP represents the unidentified beneficial shareholders. UBS has sent a letter to Gowling Lafleur Henderson LLP requesting the names of the beneficial shareholders who requisitioned the special meeting and the names of the individuals comprising the slate of proposed directors. In a letter dated May 3, 2010 to UBS' counsel, Gowling Lafleur Henderson LLP refused to provide the requested information.

The Board of Directors of UBS is opposed to the two resolutions. UBS expects to mail a management information circular to UBS shareholders in early June in connection with the special meeting. The record date for determining UBS shareholders entitled to receive notice of, and to vote at, the special meeting will be the close of business on May 19, 2010.

    
    About Unique Broadband Systems, Inc.
    ------------------------------------
    

UBS is a publicly listed Canadian company that has a 51.8 per cent fully diluted economic interest in Look Communications Inc. and other assets. The Company's website may be found at www.uniquebroadband.com.

    
    Forward-looking statements
    --------------------------
    

The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of the Company that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by the Company, at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by the Company that actual results achieved will be the same in whole or in part as those forecasts.

Neither the TSX Venture Exchange nor its Regulation 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.

%SEDAR: 00010550E

For further information: Peter Block, Investor and Media Relations, [email protected], [phone]