Two major ventures progressing; stock options
Unique Broadband Systems Inc UBS
Shares issued 65,835,356 Oct 14 close $0.23
Thu 15 Oct 98 News Release
Mr. Stephen Rosen reports
The company announced at a meeting that it has made progress with regard to
the two major ventures which were announced in the last six months.
Firstly, regarding the collaboration with COM DEV International for the
supply of specialized wireless telecommunications infrastructure equipment
to Microcell Connexions Inc., Unique Broadband Systems has developed and
tested a prototype of the LMCS (point to multipoint distribution) system
which is now being integrated by COM DEV for final testing of the complete
system. However, the trial date originally set for the summer has been
pushed back to the late fall.
As of the middle of September, Unique Broadband Systems commenced the
deployment of its DAB repeater system in San Francisco. Unique Broadband
Systems has met all of its delivery schedules, and is looking to further
grow its business in this area.
Certain Unique Broadband Systems' research and development efforts have now
entered into production phase, which is expected to have a positive effect
on the company's revenue base in the future.
The company's shareholders today approved a new stock option plan for the
company. This new plan will replace the company's current stock option
plan. The purpose of the stock option plan is to enable the company to
grant options as an incentive to its employees, officers, directors and
consultants. The new plan complies with statutory requirements and more
clearly sets out restrictions on the company when issuing employee,
officer, director and consultant options.
The shareholders also approved the 620,000 options conditionally granted on
April 22, 1998 under the company's previous plan and the 60,000 options
conditionally granted on May 15, 1998 under the company's new plan. These
options were issued to non-insider employees. |
