UNIQUE BROADBAND SYSTEMS ACQUIRES ASSETS FROM SIERRACOM 

Company also appoints Vice President of Engineering

Toronto, Canada (July 5, 2002) – Unique Broadband Systems (TSX Venture: UBS) today announced the acquisition of Point-to-Point Radio assets from SierraCom, a Massachusetts company that was involved in microwave based telecommunications systems . The assets include intellectual property, test equipment and various other inventories. UBS has also hired key personnel formerly with SierraCom that were responsible for developing this product line, including Dr. Pasteur Ntake, who has been appointed Vice President of Engineering.

“This newly acquired product line is an excellent addition to our wireless product portfolio as it is used by various OEM’s for their cellular network rollouts,” said Gerald McGoey, Chairman and CEO of UBS. “We believe this acquisition, along with the addition of the new personnel, will help maximize the potential of our core strengths, and build value for shareholders as it is expected to be accretive by the end of the 2003 fiscal year.” UBS plans to continue with the manufacturing, development and evolution of the Point-to-Point Radio product line into a 3G compliant backhaul Internet protocol radio product. 

Point-to-Point Radios are used to connect cellular towers to main switch locations. These products are used on various licensed frequency bands and for every cellular tower, there are approximately two or three Point-to-Point Radio connections. These Point-to-Point Radios tend to be cheaper than either the monthly rental, or outright ownership, of fiber connections.

Point to Point products are also used in connecting various local area networks from building to building where fiber is not available or a last mile connection is required. One of the acquired products is a 60 GHz radio capable of OC-12 capacity. This radio is used for fiber replacement in short haul, high capacity environments.

Dr. Ntake has 25 years of radio experience gained from a number of companies including SierraCom, Harris Corporation and Nortel Networks. Dr. Ntake is an expert in low, high, and medium capacity Point-to-Point radio technology and will be responsible for the entire engineering department at UBS as well as the newly hired engineering team for Point-to-Point radio products.

About Unique Broadband Systems, Inc.
UBS designs, develops and manufactures high-speed mobile and fixed wireless solutions, including systems based on COFDM, a robust and efficient RF modulation technology that provides superior coverage in non-line of sight situations, video broadcasting and line-of-sight two-way high speed wireless internet.

UBS solutions target the high growth markets for wireless Internet, wireless cable TV, digital radio, and other applications for wireless video, voice and data services.  UBS also manufactures high-quality, reliable, passive components including custom filters, waveguide assemblies, couplers and filter combiner assemblies.

UBS has offices in Canada, Denmark, and the UK. 

For more information, contact:

Peter Block
Investor and media relations
(416) 586-0180
E-mail: investorrelations@uniquesys.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.