Uniserve Settles Debts for Shares and Other Cost Saving Measures
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/10/14 -- Uniserve Communications Corporation (the "Company") (TSX VENTURE: USS) is pleased to announce ongoing results related to its reorganization and streamlining efforts which began in February of this year. The Company has reached agreement with certain note holders to convert a portion of the principal amount of the notes plus all accrued interest up to December 31, 2014 into common shares in the capital of the Company as follows:
Uniserve has also obtained credits and releases from certain service providers as follows:
Uniserve has also negotiated with a debenture holder to settle a majority of the principal amount of its debenture and convert into common shares:
In summary, the total amount of debt and liabilities released or settled for shares is as follows:
The Company has also reviewed internal departments to achieve additional operational cost efficiencies. As a result of this review, a number of cost reduction measures have been implemented that will save the Company another $300,000 annually.
The issuance of shares for debt is subject to approval by the TSX Venture Exchange.
Uniserve Communications Corporation (TSX VENTURE: USS) is an industry leader in the integration and delivery of voice, data and cloud computing services to businesses and retail consumers throughout Canada. For more information about Uniserve, its products and services please visit or .
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Michael C. Scholz, Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news 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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Datum: 10.12.2014 - 08:01 Uhr
Sprache: Deutsch
News-ID 1324288
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