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Uniserve completes purchase of majority interest in Glenbriar Technologies

/EIN News/ -- VANCOUVER, British Columbia, June 26, 2017 (GLOBE NEWSWIRE) -- 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.