VANCOUVER, British Columbia, June 05,
2018 (GLOBE NEWSWIRE) -- Uniserve
Communications
Corporation (TSX.V:USS) (Uniserve) is pleased to announce that is has entered into
a definitive agreement with RootCellar Technologies
Corporation (RootCellar) to
purchase the assets of RootCellar, a Managed Service
Provider (MSP) based in southern Ontario Canada, focused on
Disaster Recovery and Data Management. The acquisition of the
RootCellar assets will provide Uniserve with a highly qualified
pool of employees, a rich ecosystem of vendor partners, and an
existing sales funnel with historical multi-year recurring
profitable revenues projected to be circa $8.5m by their year-end
31st July
2018.
Uniserve's CEO Nicholas Jeffery
stated: "With the acquisition of RootCellar,
Uniserve will continue to drive its revenues, its enterprise mix of
business and strengthen the partner alliances across Canada.
RootCellar will integrate into Uniserve's existing business in
Kitchener and will gain the opportunity to work with a very
experienced managed services technology and sales solutions
team."
The transaction is subject to TSXV
approval and is expected to close on or before June 30, 2018.
The transaction is an arm's length transaction.
Uniserve's funding for the
purchase will be through a private
placement of 25,000,000 Units at $0.14 per Unit, each Unit
consisting of one common share and one transferable share purchase
warrant. One warrant will be exercisable for
one additional common share at $0.16 per share as to one-quarter of
the warrants being issued, for a nine-month period, and the
remaining three-quarters being issued at $0.20 per share for a
two-year period. Directors of the Company are committed to
participate in approximately 60% of the units being offered
pursuant to this placement. $2M of the proceeds from the
private placement will be used for the acquisition of RootCellar
and $1.5M for general working capital purposes. A finder's
fee may be payable in relation to this private placement and the
same is subject to regulatory approval. The financing is
subject to TSXV approval and all securities will be subject to a
four month hold period.
About Uniserve
Uniserve is a unified
communications company in existence for 30 years, combining voice,
data and media all into one seamless solution, one bill and one
point of contact. The unique selling proposition of the business is
"SMART" Home, businesses and spaces (buildings and cities). With
13,000+ customers spread across residential and enterprise centered
around Vancouver, Calgary and Waterloo/ Kitchener.
Uniserve prides itself on world
class customer service based in Canada. When all else is
equal, clients can trust Uniserve to have a great price, a great
experience and to be a company customers' like working with - we
call it "click, call, connect".
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.
