Former BCE Executive Becomes Chairman

Toronto (March 18, 2002) – Shareholders of Unique Broadband Systems (CDNX: UBS) today elected a new board of directors at the company’s annual general meeting.  Gerald McGoey, John MacDonald, Peter Minaki, Louis Mitrovich and Douglas Reeson are the new directors of the corporation.  Following the annual meeting, the new board elected Mr. McGoey Chairman of UBS. 

“We are excited about the prospects for UBS,” Mr. McGoey said following today’s meeting. “This is a company with a very strong platform.  It has developed very good relationships with a number of significant clients including the U.S. military and Hughes Electronics Corporation, has demonstrated a very strong engineering capability, boasts an attractive balance sheet and is active in one of the most explosive industries in the world – wireless communications.”

“We intend to harness this platform and take advantage of any other opportunities that will allow us to deliver shareholder value. The initial priorities of our new board are to conduct an in-depth review of the company’s financial and operating performance and put in place a strengthened management team,” Mr. McGoey added. 

The new Board also announced that Mr. McGoey would serve as acting CEO of the company.  In addition, immediately following the annual meeting, Jeffrey Friedman, Chief Administrative Officer, Mohammed Benvidi, Chief Operating Officer and Cameron Smith, interim Chief Financial Officer tendered their resignations, effective immediately.  These resignations specify a 60-day transition period.

About the Directors

Gerald T. McGoey
Mr. McGoey’s longstanding career in the telecommunications industry includes senior executive positions with one of Canada’s largest telecommunications companies. From 1994 to 1997, Mr. McGoey was Chief Corporate Officer of Bell Canada. Prior to that, he served as Executive Vice-President and Chief Financial Officer at BCE Inc. He also served as Chairman and Chief Executive Officer of Radian Communications Corporation, an Onex company. Prior to joining BCE, he held senior executive positions in a variety of Canadian firms, including Oxford Enterprises Inc. (President), Canada Development Corporation (Executive Vice-President and Chief Financial Officer) and Peat Marwick Thorne (Partner). He is presently President of Jolian Investments Limited. Mr. McGoey is a director of Budd Canada Limited and APW Limited. A graduate of Wilfrid Laurier University, Mr. McGoey is a chartered accountant and holds a Bachelor of Economics degree.

John A. MacDonald
Mr. MacDonald was President and Chief Executive Officer of Leitch Technology Corporation from 1999 until recently. He has an extensive background in telecommunications having worked with New Brunswick Telephone Company (NBTel) for almost 18 years where he was Chief Engineer, General Manager of Engineering and Information Systems and eventually became President of NBTel in 1994. He joined Bell Canada in 1994 as Executive Vice President of Business Development and Chief Technology Officer. Mr. MacDonald is a graduate of Dalhousie University and the Technical University of Nova Scotia with a Bachelor of Science degree in electrical engineering. He serves on the boards of FioNetworks and Rogers Cable. He is also a member of the federal government’s Advisory Council on Science and Technology and has chaired the National Selection Committee for the federal government’s Smart Communities Program.

Peter Minaki
Mr. Minaki is the Director of Regulatory and Government Relations at Ericsson Canada Inc. He has held different positions with the company since 1986, including Manager of Technical and Sales Support, where he oversaw the sale of the first GSM PCS network in North America. Prior to joining Ericsson, he was Principal Design Engineer at Honeywell and was a member of the Technical Staff at RCA’s Aerospace Division. Mr. Minaki is the Chairman of the EMC Committee of the Radio Advisory Board of Canada and holds a Bachelor of Science in Electrical Engineering from Queen’s University.

Louis Mitrovich
Mr. Mitrovich has over 35 years of extensive experience in the telecommunications industry, and has held senior positions in engineering, marketing and corporate management with several major suppliers of equipment and services in Canada and the United States, including Alcatel, Rockwell and GTE. Most recently he was Group Vice President and Country Senior Officer for Alcatel’s telecommunications business in Canada, as well as a Director of Alcatel Canada Inc. In this capacity, he developed relationships with major Canadian telecom operating companies and liased with his counterparts at Alcatel’s extensive worldwide operations. He has a Bachelor of Science in Electrical Engineering from Queen’s University.

Douglas Reeson
Mr. Reeson is an independent businessman and financial consultant with considerable experience as an officer and a director of a number of junior public companies. Previously, he was an Investment Research Analyst at Burns Fry Ltd., Manager-Treasurer at Northern Telecom Ltd., the Executive Director of Listings for The Toronto Stock Exchange and a Vice President and Director at Midland Doherty Ltd. and Yorkton Securities Inc. Mr. Reeson received his MBA from York University.

About Unique Broadband Systems, Inc.

Unique Broadband Systems, Inc. (UBS) designs, develops and manufactures high-speed fixed and mobile wireless solutions based on OFDM technology.  UBS has offices in Canada, Denmark, the UK and Italy.

For more information, contact:
Peter Block
NATIONAL investor relations

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