|Glenbriar has 3 directors replaced by Uniserve officers|
2017-07-04 14:00 MT - News Release
Also News Release (C-USS) Uniserve Communications Corp (4)
Mr. Robert Matheson of Glenbriar reports
GLENBRIAR ANNOUNCES CHANGES TO BOARD OF DIRECTORS
In conjunction with the purchase of a majority interest in Glenbriar Technologies Inc. by Uniserve Communications Corp. of Vancouver, Glenn Matheson, James H. Ross and Craig Henderson have resigned from the board of directors. Subject to regulatory approval, they have been replaced by Nicholas Jeffrey, Iain Gordon and Hashim Mitha, respectively the chief executive officer, chief financial officer and chief operating officer of Uniserve. Robert Matheson and Brian Tijman remain on the Glenbriar board, and Glenn Matheson stays on as vice-president, unified communications. Robert Matheson continues as chief executive officer and has been appointed to the Uniserve board.
Effective June 30, 2017, the original members of Glenbriar's board signed an agreement with Uniserve, subject to regulatory approval, to exchange their personal holdings, which total 26,855,804 Glenbriar common shares, for Uniserve common shares on a basis of one Uniserve share for five Glenbriar shares. This ratio reflected the respective stock prices (Uniserve Communications: 10 cents; Glenbriar Technologies: two cents) as of the close of trading on June 28, 2017, and will result in 5,371,159 Uniserve common shares being issued from treasury. However, as Uniserve consolidated its common shares on a basis of one new share for 2.5 old shares on June 30, 2017, this represents 2,128,450 postconsolidation Uniserve common shares. Once this transaction is completed, Uniserve's ownership of Glenbriar will increase from 80 million shares (61.3 per cent) to 106,855,804 shares (81.9 per cent).
"Our teams are working to ensure a successful transition," noted Robert Matheson, chief executive officer of Glenbriar.
Nicholas Jeffery, chief executive officer of Uniserve, said, "This is another vital step in the integration of the Glenbriar team into Uniserve, allowing us to deliver on our strategy to build revenue, strengthen our managed service portfolio and expand nationally across Canada."
About Glenbriar Technologies Inc
Glenbriar Technologies is a leading provider cloud-enabled business technology solutions, including IT (information technology) services, cloud services and unified communications.
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