|Uniserve completes $800,000 investment in Glenbriar|
2017-06-26 08:12 MT - News Release
See News Release (C-USS) Uniserve Communications Corp (3)
Mr. Michael Scholz of Uniserve reports
UNISERVE COMPLETES PURCHASE OF MAJORITY INTEREST IN GLENBRIAR TECHNOLOGIES
Uniserve Communications Corp. has completed its investment in Glenbriar Technologies Inc. Uniserve invested $800,000 for a 61.3-per-cent 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, chief executive officer 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 Robert Matheson, the CEO of Glenbriar, to Uniserve's board as a director, replacing Kelly Walker, who will stay on as an adviser. 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 10 cents per share in year one, or 11 cents per share in year two.
For the year ending September, 2016, Glenbriar had audited revenues of $4.7-million and a positive EBITDA (earnings before interest, taxes, depreciation and amortization) of $264,000. For the six-month period ending March 31, 2017, Glenbriar had revenues of $1,865,000 and a negative EBITDA of $18,000.
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 its Vancouver office into Uniserve's office location in the next 90 days.
Mr. 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 seaboard."
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 Communications Corp.
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.
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