Uniserve completes purchase of majority interest in Glenbriar Technologies
26 June 2017 - 11:01PM
Uniserve Communications Corporation is pleased to announce the
completion of their investment in Glenbriar Technologies, a leading
managed services company. Uniserve invested $800,000 for a 61.3%
ownership. The investment will be used to retire all Glenbriar
loans and financial obligations as well as provide working capital
for sales and marketing.
Nicholas Jeffery CEO of Uniserve Communications said, “we are
really excited that this transaction has been completed so quickly
amplifying the fit between the two parties.” As part of this
investment, Uniserve has agreed to add Mr. Robert Matheson, the CEO
of Glenbriar to Uniserve’s board as a Director, replacing Mr. Kelly
Walker, who will stay on as an Advisor. Also as part of this
investment, Uniserve will issue to Glenbriar staff two million
two-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. The plan is to consolidate
their Vancouver office into Uniserve’s office location in the next
ninety days.
Jeffery said, “this is a significant plank of our strategy to
offer products and services across Canada and build out the
managed service portfolio, this combined with the acquisition of
Xanity Cloud services puts us in a dominant position for telecoms,
media and technology managed services on the Western sea
board.”
The non-brokered private placement previously announced on June
12, 2017 for $400,000 has been increased to $600,000 and has been
fully subscribed and no fees are payable.
About Uniserve
Uniserve is a unified communications company which has been in
existence for over 28 years, combining voice, data and media all
into one seamless solution, one bill and one point of contact in
Canada, spread across 13,000 customers serving the Residential /
Small Office / Home office and Enterprise markets.
Uniserve prides itself on world class customer services, when
all else is equal you can trust Uniserve to have a great price, a
world class customer experience and a company you trust and 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.
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