Look announces reorganization plan

20:05 EDT Wednesday, October 10, 2007 TORONTO, Oct. 10 /CNW/ -

Unique Broadband Systems, Inc. (TSX Venture: UBS) announced today that Look Communications Inc. ("Look") (TSX Venture: LOK and LOK.A), its 51 per cent controlled subsidiary, has approved a certain reorganization plan (the "Plan") which, amongst other things, allows for the establishment and maintenance of Look's deferred tax assets.

The Plan involves the transfer of certain assets to an entity that is 100 per cent controlled by Look in order to establish and maintain approximately $310 million of Look's non-capital losses. As a result of this Plan, the sale by Look of any or all of its major assets would result in any proceeds to Look of up to approximately $620 million being received on a tax-free basis.

Absolutely no doubt whom the beneficiary of this reorganization plan will be .

Orgy