UNIQUE BROADBAND SYSTEMS (UBS:VSE) Message Board

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Gold/Mining/Energy : UNIQUE BROADBAND SYSTEMS (UBS:VSE)

UBS 42.69

-1.2%

Dec 15 4:00 PM EST

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To: timester who wrote (671)	11/9/2000 8:31:27 PM
From: timester	Read Replies (1) of 682

UBS AGM SUMMARY This is off montema's web site members.home.net Attendance: About 500-600 investors from my estimate From UBS: All BOD members except McNeil. All UBS VP's The meeting was 2 hours long from 3-5 PM. A meeting for the new board of directors was to take place at 5 PM to establish new Boards (i.e. Audit Compensation) The new boards will be controlled by outside directors. BUS' main products were on display in the front. Drinks and Coffee on the back All the motions (Options, New Board) were passed rather easily. No one opposed other than a dozen people who voted against new Employee Stock option Plan. Rosen Gave a Presentation on UBS Finance Position. Highlights: · Throughput of UBS facility if $75 - $80 Million · Gave UBS org chart. Cameron Smith is the Controller. Isaac Kron is the General Manger. Other VP's are known. · Strong Management team in place. Will continue to expand. · Not currently anywhere near that capacity as majority of Hughes contract is subcontracted · UBS had option to take on all of Hughes Contract but decided against as they were still growing and just moving into new facility · As of End of Sept. UBS had backlog of $80 Million of which $65 million is Hughes. · Expect backlog to increase to $100 Million soon (Not sure what he is implying here, $20 M Contract?) · UBS plans to keep backlog as high as possible. Well No Kidding! · Hughes contract will be completed by Q1 2002 (end of August) · Quarter over Quarter revenue will increase Exponentially (exact quote) · ProTV will definitely generate $10 Million Canadian in revenue every year · 25 Million from ProTV in January will be added to cash position · Current cash position is 33 Million · UBS did not end up requiring the 7 Million for financing of the Hughes deal as originally planned as the deliveries were ramped up · End of Year cash position at least 65 Million. In a group after the meeting which I was part of he said it would be at least 70 Million. Earnings can be derived from this considering they will have 58 Million in bank after Pixstream money. In other word at least 13 Million profit over next three Quarters of 0.13 per share after taxes. This is VERY BIG NEWS!!!! Think about it. We are trading at 17 times this years earnings conservatively Now Rosen took Questions from the audience. Highlights included: Q: Is Hughes contract danceable? A: Absolutely no thought of cancellation. Greater ramifications as XMRadio/Hughes/GM involved with Billions Q: Sirius contract? A: No longer dealing with Sirius. XM & Sirius competing. UBS had choice to either sign a contract with Sirius or XM. Mgt decided to go with XM as more money, better relationships (Hughes/GM) and better future potential Q: Production Capacity? A: Hughes is mostly subcontracted. Can take a lot more revenue. UBS does some manufacturing of Hughes. UBS does all testing. Q: What is the profitability of Hughes contract? A: UBS aims for 17-22% Income before tax on major contracts. Hughes deal will be equal or greater than that. Q: Royalties from Hughes deal. A: No royalties from XM/Hughes in this current deal. However, Network like cellular network will be continuously expanded and upgraded for next 10 years. UBS will be part of it Q: Hostile Takeover counter measures. A: Given current shareholder makeup it is highly unlikely if not impossible. Q: Someone asked if each individual new board member can go to the podium and say what they will bring to the table to UBS. A: This is not he time right now. The new board members will be available after the meeting to talk to personally. They were available for 15 minutes afterwards. I didn't got talk to them as I went to see Rosen & Dolgonos Q: Where did you find board members? A: Turner was introduced by a Government Lobbyists Contractor which UBS has hired. Others were introduced by prominent industry people (didn't mention who) Q: US military contract? A: Was supposed to be complete in August. Military changed specs. Being delivered now. Not major revenue (I am assuming less than 500,000) Q: European DAB contract from 1999 press release. A: Contract is with Italian DAB company. Distribution channel in place. Accumulated revenue so far 300-400 thousand) Q: What are benefits of ProTV? A: Mentioned 10 million revenue for only 10 Million total purchase price. Great marketing channels. COFDM products in line with UBS. Rosen went on to tell a good story. Two biggest Trade shows for UBS are NAB in Las Vegas (April) and IBC in Amsterdam (Sept). This year UBS paid 50,000 for booth in NAB. Because they are relatively new. They were placed in a small booth in the sub basement in the farthest convention centre. ProTV is an established company, they have a very large booth at the IBC show right near the entrance. It would take 15 years for UBS to get that location. Or it would cost them 1 Million to have that location. Q: First Question about 5 Million share sell by Alex A: Friedman (general Counsel interjected and said this is a private affair and to respect R&D's privacy) Friedman said that all the proper forms were filed and properly disclosed. Rosen interjected and said that even though he is not required to he Stated: The shares were not put on the market. They were a transfer of shares that has to be registered as a sale. They have not been on the market! This ended Rosen's Q&A Alex now did gave a presentation on UBS: · Summarized main products and markets. Usual stuff · Next big move for UBS is Mobile Television. Singapore Bus contract first big step. Trains is next (Alcatel?) · Discussions being held in China and Asia · Company is really growing. · Still heavily involved with Lucent. Their joint product is a modulation product · Talked about Hughes contract a lot · Alex mentioned that he is willing to step down as CEO and President of the Board and become COO and concentrate on technology when/if the proper person is found. Alex now had his Q & A Portion: Q: COFDM forum A: This is now not an open public forum due to the proprietary nature of the technology. Working with some other companies. Q: TSE A: Friedman interacted and said that the company will not speculate on TSE/NASDAQ as they are a public company Q: Trust Fund / Dumping Question A: Again, it was mentioned that the 5 Million was a transfer of shares. All proper papers were filed. Top legal and Accountant made sure everything is legit and OK with BCSC. Alex got motivated and said that they Management is not dumping any shares. He and Rosen are not going anywhere. Extremely proud of his company. The guy asking the question said that he is not trying to bash management. He said that he may be from the Maritimes but he is not 'Bronco' A lot of people (Stockhouse posters) laughed. Q: 100 million shares is a lot on CDNX A: Alex some companies have 200 Million. Guy said he thinks it is because the share price is shit!. Alex said talk to the CDNX Q: Older gentlemen lambasted Management on not doing damage control and going on in the media and defending the company more. Mentioned how Roth from Nortel did this. Loud Applause. A; Alex said UBS does their own kind of damage control. Roth has a big name helping him out to get TV interviews. Q: Investor Relation Concerns Raised? A: UBS gets 300 e-mails a day. Rosen told me later he gets 100 e-mails a day himself. 2 IR people. A lot of questions ask about contracts, negotiations and relationships. They can't comment on these issues as they are a public company. Trying to improve IR. Alex went on to say how they can't answer all the concerns raised in Chat Rooms. It was very obvious that Rosen & Dolgonos read the boards. Alex said he doesn't understand why most of the time people are just bashing each other. He was wondering if it was some sort of entertainment. Mentioned how ridiculous some statements made are. Stephen mentioned InDamoney jokingly as someone who constantly bashes management. Alex went said that all the ideas for UBS products came from his head (he pointed at this head). Not going anywhere. Q: Analyst Coverage. Shouldn't Scotia be covering UBS? A: Rosen answered question. UBS is working to getting a lot of analyst coverage. It was hinted that with the increased revenue coming up coverage will be coming. Stephen specifically addressed the Scotia situation. He said he is extremely disappointed. He stated that Their was a Scotia analyst set to cover UBS and then the market melt down occurred in May. Scotia went through major organizational changes. Analyst who was supposed to write the report went on 1 year sabbatical. The Scotia situation is currently being worked on and should hear something soon. Q: Other OFDM Forums A: UBS is part of all OFDM forums except Wi-Lan's. Now Alex got emotional. He stated quite loudly and forcibly that these other are just forums. None of them have any contracts. UBS has the biggest and only major OFDM contract. When these forums actually produce a significant contract then they will be worth mentioning! Q: Any patents? A: Patents are pending. Q: Getting involved in Fibre Optics? A: Not now. Only product is Step Attenuator. Alex and fellow engineer came up with idea couple of years ago while talking. Huge demand for product. MY THOUGHTS: The product is like 5 dollars or something I believe he said. Don't know how mush significant revenue can 't be derived from it. Q: Bay Network Relationship still intact? A: Still kind of working With Nortel on the old Bay project. However he mentioned jointly working/discussing some things with Nortel. This came across as an obvious hint. Q: Alcatel Canada Relationship? A: Ongoing OEM agreement. Been going on for 8 years. Q: Question on Insider Reporting and Baines article (Was this you Coach) A: Friedman stepped in and said quite strongly that UBS investors can rest assured that all the proper forms have been filed correctly. UBS has complied with all requirements TO THE LETTER. There are no problems with the BCSC. There is no investigation ongoing or pending by ant regulators of stock exchanges. He straight out said that Baines improper filing allegations were completely wrong. He specifically mentioned the filing of an intent to sell form. He adamantly said that it was defiantly not required. Baines was wrong. He challenged anyone to go contact a securities lawyer as they will also confirm this. Q: Will UBS continue to report management shares now that the shares are in trust funds? (Coach I guess this was you) A: Friedman replied that All reporting requirements will be adhered to. MY THOUGHTS: There are different requirements for Trust Funds. Though I am sure Do logons and Rosen's shares will be at least reported through BCSC insider trading filings Q: Is UBS still going to be one of the Top 5 Companies. A: Rosen said giving what they have accomplished this year UBS will be on in the TOP 3 At this point it was around 4:45 PM and the meeting was announced over as there was a special board of director meeting to take place at 5 to establish new committees (TSE Requirement perhaps?) Now Everybody raided the front and surrounded Rosen Dolgonos and others in little groups. I went tot he Rosen Group. I did keep an ear out for what Dolgonos was saying. Some Key Points Overheard: · Alex was being interviewed by a female reporter who was in attendance. He was being asked about the Baines article and his motivation and how the meeting went. Photographer was with her. Not sure where they were from but I guess we will find out tomorrow. · Friedman said that UBS now meets all of the TSE requirements. No doubt at all. · Rosen mentioned that UBS will have 70 Million in cash by he end of the year in the bank and that UBS will do wonders with that amount of Cash. · Rosen said no need for financing. He said a lot of companies will e scrambling to go the market to raise funds and that UBS is in an ideal position with their technology the new management and the Cash · Rosen said HE WILL NOT issue fluff releases to hype up the company. Companies that do this will end up going bankrupt. He mentioned some companies as examples. · Rosen gave the Wi-Lan 4GNT 1.4 Billion dollar release as an example as a fluff news release. He said The UBS knew that 4GNT had 5 Million in the bank (And no financing in place) and couldn't believe that Wi-lan had the audacity to say they will be getting 1.4 Billion in contracts from them. He said Wi-Lan is starting to pay the price for their fluff news releases. Rosen considered calling the TSE and telling them that the contract amount being stated is completely ridiculous considering 4GNT financial position. He noted that the Wi-Lan went up 9 dollars because of that release. · I specifically asked Rosen if he knows who is selling through Goepel. He said he does not and that it is defiantly not UBS management (I think he said that to shoot down your theory InDaMoney, Sorry) · I asked him if FTS still holds the 8 Million shares they acquired. He said he does not know but would like to think they do. · Alex was being asked about Wi-Lan at around this time. I could here him cutting up Wi-Lan and how UBS has real products and real contracts and that ewe will see in a couple of years who is on top. General Thoughts: I was impressed with the honesty of Alex and Stephen. They answered pretty much all the questions straight up. I have no doubt in my mind that there is nothing shady going on what so ever. They seemed very confident and intelligent. You could also defiantly tell they are not going anywhere. Much better than last year's meeting. Leon looked like a salesman and looks very classy. Lavelle (Former head of Royal Bank) looked like a Power CEO. Air of Confidence and respect about him. This is all I have from my notes. Hope this helps all the people who couldn't be there. P.S. Was near entrance of room where the sign in sheet was. Equity transfer agent asked Alex to sign in not knowing who he was. Quite Funny. Thank you montema

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