GTI.C - Glenbriar Technologies Inc.

Discussion in 'Canadian Stocks Message Boards' started by TheDude, Jan 31, 2017.

  1. TheDude

    TheDude Well-Known Member

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    I remember this play from a few years ago. Looks like after the last few quarters, it's a potential turn around story. See below.

    Glenbriar Technologies (GTI.C) Year End Financial Results + MD&A
    (Ending September 30th 2016)

    Price: $0.015
    Common Shares: 48,421,510
    Insider Holdings: 22,830,260 (This can be found on SEDAR – Information Circular)
    Website: www.glenbriar.com
    Monthly Updates can be found here: http://thecse.com/en/listings/technology/glenbriar-technologies-inc

    **NOTE** Q1 results will be out in February 2017

    Most Recent Financial Statements(SEDAR)

    ASSETS
    Cash: $59,859
    Accounts Receivable: $362,124
    Prepaid Expenses: $33,240
    Property & Equipment: $596,685
    Total Assets: $1,051,908

    LIABILITIES
    Bank Debt: $165,221 (Now reduced to $112K, see CSE December Monthly Update)
    Accounts Payable: $631,395
    Finance Leases: $69,080 (Portion)
    Finance Loans: $25,965 (Portion)
    Deferred Revenue: $100,560 – This will disappear as its revenue already received
    Deferred Rent: $5,971 (Portion)
    Loans Payable: $345,000 (Increased to $545,000 – Loan from GTI Employee. See monthly Report)
    Finance Lease: $42,252 (Remaining)
    Finance Loan: $34,619 (Remaining)
    Deferred Rent: $28,361 (Remaining)
    Total Liabilities: $1,448,424
    **Keep in mind the update as per December 2016 from the CSE**.

    2016 Revenue (2015 Revenue)
    Gross: $4,695,552 ($4,184,230) – Sales increased year over year
    EBTIDA: $264,501 (-$40,060) – 2015 was a loss and 2016 was a profit
    Net Income: $43,784 (-$191,629)

    GTI went from several quarters of losses to three back to back profitable quarters. See MD&A on Sedar.

    MD&A Highlights

    Glenbriar Technologies Inc. (CSE: GTI) provides leading edge Cloud-enabled business technology solutions. From its offices in Calgary, Vancouver and Waterloo, Glenbriar’s IT professionals and software developers design, manage and support solutions that include IT Services, Cloud Services, Portals & Collaboration, Unified Communications, Software and Security. See www.glenbriar.com for more details.

    Revenue increased 12% in 2016, made up of a 1% decrease in services revenue and a 48% increase in equipment sales. Most of the change reflects a reduction of services to the oil and gas sector, which experienced continued decline in Alberta due to low oil prices, resulting in several clients going out of business, deferral of project work, and reduced services due to declining staff counts. This downturn was offset by Glenbriar actively diversifying its client base outside of the energy sector and into senior health and living facilities. A number of new projects in this latter sector resulted in an increase in equipment sales, which is unlikely to be repeated in fiscal 2017, although a pickup is expected by the fourth quarter in equipment sales to that sector. In addition, Glenbriar made major investments in 2015 in data centre and back office infrastructure to facilitate the shift to a Cloudcentric service model, which investments were continued on a substantially reduced basis until January 2016. As more clients are brought into the Cloud centric model, there are lower equipment sales to clients and more equipment being purchased directly by Glenbriar. Gross margin remained steady at 32% in 2016 and 2015, compared to 26% in 2014. The move to a Cloud-centric services model increases fixed costs in relation to variable costs, making operations less profitable in a downturn and more profitable in an upturned economy. Net income was $43,784 in 2016, up from a loss of $191,629 in 2015, but still below income of $271,122 in 2014. The 2014 net income included a $107,000 gain on sale of Peartree Dealership.

    Glenbriar entered into a revolving demand credit facility with the Royal Bank of Canada in March 2015. The total borrowings are secured by a general security agreement over Glenbriar’s current and after acquired assets, and postponement of loans payable. The bank indebtedness required the Corporation to maintain a ratio of liabilities to tangible net worth of not greater than 4:1 at the end of the fiscal year. At September 30, 2015 the Corporation was in default of the covenant, leading to suspension of the facility in February 2016. The Corporation then entered in to an agreement with the Bank to repay the balance at $20,000 per month commencing in April 2016 (at which time the balance was $292,000) through September 2016, with the balance due in October 2016. This agreement was extended in December 2016 to continue the monthly payments until April 2017, with the balance now due in May 2017. The balance outstanding as of September 30, 2016 was $165,221.

    Loans payable at September 30, 2016 in the amount of $345,000 (September 30, 2015 - $345,000) consist of net advances from officers of the Corporation secured by a general security agreement which bear interest at the rate of interest charged on the bank indebtedness (note 5). The advances are repayable 12 months after the officers provide written request for payment. As at September 30, 2016, the officers had not requested payment, and consequently, the advances have been classified as non-current liabilities, and related accrued interest of $17,100 is included in accounts payable (2015 - $45,564).

    Glenbriar entered into two (2015 – four) new finance leases in fiscal year 2016 to facilitate its new cloud infrastructure. Finance leases consisted of six equipment leases. The equipment leases bear interest ranging between 12.33% and 16.52% annually and require blended monthly payments of interest and principal. The final payments are due between November 2017 and September 2019.

    Management believes that its ongoing cash flow from operating activities, based on current internal operating forecasts, will be sufficient to satisfy its current and future obligations as they become due and to fund ongoing operations.

    During December 2016, a long term employee agreed to advance $200,000 to assist with the transition away from the bank line and to provide additional liquidity over the coming year. This increased the management loan advance as of December 31, 2016 to $545,000, which is secured by a second charge on all of Glenbriar’s existing and future property. As an additional incentive to making the advance, two officers have agreed to transfer 1 million shares each to the long term employee.

    Management loan advances were $345,000 as of September 30, 2016, the same as the prior year end. During the year ended September 30, 2016, Glenbriar recorded $17,100 of interest in relation to loans payable, which is included in accounts payable and accrued liabilities. See note 6 of Notes to the Financial Statements.
     
  2. Epicram

    Epicram Member

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    I am looking forward to know the actual result of these stock.
     
  3. TheDude

    TheDude Well-Known Member

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  4. Epicram

    Epicram Member

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    According to my analysis of this stock, it will soon touch it high point.
     
  5. TheDude

    TheDude Well-Known Member

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    I think we need to see that rights offering completed first, then their balance sheet cleaned up, followed by some more profitable quarters. Then GTI will hit a new high.
     
  6. TheDude

    TheDude Well-Known Member

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    Glenbriar arranges $800,000 financing with Uniserve

    2017-06-16 07:40 MT - News Release


    Mr. Robert Matheson reports

    GLENBRIAR ANNOUNCES PRIVATE PLACEMENT TO STRATEGIC INVESTOR

    Glenbriar Technologies Inc. has arranged a private placement of $800,000 at one cent per common share to Uniserve Communications Corp. of Vancouver. This transaction results in Uniserve owning 80,000,000 common shares, or 61.3% of the 130,421,510 shares outstanding. Glenbriar applied for and was granted relief from the Canadian Securities Exchange's minimum price rule in connection with the transaction. Net proceeds to Glenbriar of $720,000 (after a 10% placement fee paid to Uniserve) will be used to reduce outstanding debt and improve working capital.

    Glenbriar further announced that as a result of this transaction, it was cancelling its previously announced special meeting of shareholders, which was scheduled to be held on July 24, 2017, and abandoning its plan to rename the corporation and initiate a rebranding exercise. Going forward, Glenbriar will instead focus on aligning its operations and strategic direction in common with Uniserve.

    As part of this investment, Uniserve will appoint three new directors to join Glenbriar's board and Glenbriar will appoint one new director to join Uniserve's board.

    "We are very excited to be joining forces with the new team at Uniserve," noted Robert Matheson, CEO of Glenbriar. "They have taken several strategic steps forward in the past few months, and have a vision which ensures an accelerated path to growth and success. The strengths and advantages of both parties are strongly complementary."

    As Uniserve's CEO Nicholas Jeffrey stated, "With this investment in Glenbriar, Uniserve hopes to continue to expand its revenues and strategic alliances across Canada. We gain a much stronger national footprint and gain the opportunity to work with a very experienced team."

    About Glenbriar Technologies Inc.

    Glenbriar Technologies Inc. (CSE: GTI) is a leading provider Cloud-enabled business technology solutions, including IT Services, Cloud Services and Unified Communications. See www.glenbriar.com for more details.

    We seek Safe Harbor.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  7. TheDude

    TheDude Well-Known Member

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    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.

    We seek Safe Harbor.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  8. TheDude

    TheDude Well-Known Member

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    GTI starting to climb, level 2:

    LEVEL 2 QUOTE

    Market Maker Shares Bid Price Ask Price Shares Market Maker
    126,000 0.025 0.030 180,000
    100,000 0.020 0.035 129,000
    601,000 0.015 0.040 85,000
    1,965,000 0.010 0.060 305,000
    3,855,000 0.005 0.065 35,000
    -- -- -- 0.095 116,000
    -- -- -- 0.110 54,000
     
  9. TheDude

    TheDude Well-Known Member

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    Although there are 130 million common shares now, you would be surprised at how few are actually available to buy as a retail investor. Lets break it down:

    Before any recent dilution:
    Common Shares: 48,421,510
    Insider Holdings: 22,830,260
    Retail Holdings: 25,591,250

    Rights Offering in 2017 raised $40,000 at $0.02

    Common Shares: 50,421,510
    Insider Holdings: 22,830,260
    Retail Holdings: 27,591,250

    Deal with USS.V For $800,000 at $0.01

    Common Shares: 130,421,510
    Insider/Institutional Holdings: 102,830,260
    Retail Holdings: 27,591,250

    So the true available float to buy is less than 28 million shares
     
  10. TheDude

    TheDude Well-Known Member

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    at a new high today. People are catching on. If LVI ran to 9 cents on a pp with no news or deals and has a fraction of the insider holdings of GTI, then GTI is worth much more imo.
     
  11. TheDude

    TheDude Well-Known Member

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    Glenbriar has 3 directors replaced by Uniserve officers

    2017-07-04 14:00 MT - News Release

    Also News Release (C-USS) Uniserve Communications Corp (4)

    Mr. Robert Matheson of Glenbriar reports

    GLENBRIAR ANNOUNCES CHANGES TO BOARD OF DIRECTORS

    In conjunction with the purchase of a majority interest in Glenbriar Technologies Inc. by Uniserve Communications Corp. of Vancouver, Glenn Matheson, James H. Ross and Craig Henderson have resigned from the board of directors. Subject to regulatory approval, they have been replaced by Nicholas Jeffrey, Iain Gordon and Hashim Mitha, respectively the chief executive officer, chief financial officer and chief operating officer of Uniserve. Robert Matheson and Brian Tijman remain on the Glenbriar board, and Glenn Matheson stays on as vice-president, unified communications. Robert Matheson continues as chief executive officer and has been appointed to the Uniserve board.

    Effective June 30, 2017, the original members of Glenbriar's board signed an agreement with Uniserve, subject to regulatory approval, to exchange their personal holdings, which total 26,855,804 Glenbriar common shares, for Uniserve common shares on a basis of one Uniserve share for five Glenbriar shares. This ratio reflected the respective stock prices (Uniserve Communications: 10 cents; Glenbriar Technologies: two cents) as of the close of trading on June 28, 2017, and will result in 5,371,159 Uniserve common shares being issued from treasury. However, as Uniserve consolidated its common shares on a basis of one new share for 2.5 old shares on June 30, 2017, this represents 2,128,450 postconsolidation Uniserve common shares. Once this transaction is completed, Uniserve's ownership of Glenbriar will increase from 80 million shares (61.3 per cent) to 106,855,804 shares (81.9 per cent).

    "Our teams are working to ensure a successful transition," noted Robert Matheson, chief executive officer of Glenbriar.

    Nicholas Jeffery, chief executive officer of Uniserve, said, "This is another vital step in the integration of the Glenbriar team into Uniserve, allowing us to deliver on our strategy to build revenue, strengthen our managed service portfolio and expand nationally across Canada."

    About Glenbriar Technologies Inc

    Glenbriar Technologies is a leading provider cloud-enabled business technology solutions, including IT (information technology) services, cloud services and unified communications.

    We seek Safe Harbor.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  12. TheDude

    TheDude Well-Known Member

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  13. TheDude

    TheDude Well-Known Member

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    GTI will have it's Q3 results in a couple weeks or sooner. Here are some major things to watch out for:

    - Rebound in sales and profit(as per their Q4 2016 and Q1 2017 news releases)
    - News projects to be announced ( Q4 2016 mentioned a shift to senior health and living facilities)
    - Reduced expenses due to partnering with USS.V
    - Potential takeover as USS now owns over 81% of GTI's common shares and this is the likely outcome(shareholders need to vote still)

    Q2 2017 Did not have a news release but did show a $24,000 net profit. This was after $16,000 was taken from the finance expenses which no longer exists. Therefore GTI will be running leaner and more profitable working with USS.V

    News from Q1 2017:

    Revenue decreased 27 per cent for the quarter ended Dec. 31, 2016, from the prior-year period, made up of a 7-per-cent decrease in services and a 59-per-cent decrease in equipment and software sales. These changes reflect some large projects that are under way with new clients, which are building new facilities that will be placed under managed services with Glenbriar and moved into Glenbriar's cloud data centre in the third quarter of 2016. Project revenue was negatively impacted by continued reduced economic activity in Alberta. Net loss increased to $157,601 from $86,763 for the prior-year period, due to timing differences of $73,810 in audit and legal fees ($20,000 in 2016), lower hardware sales due to a lack of big projects, bankruptcies of some Alberta clients, and higher foreign-exchange expenses. It is expected that revenue and income will recover substantially in the second quarter of 2017.

    News from Q4 2016:

    Revenue increased 12 per cent in 2016, made up of a 1-per-cent decrease in services revenue and a 48-per-cent increase in equipment sales. Most of the change reflects a reduction of services to the oil and gas sector, which experienced continued decline in Alberta due to low oil prices, resulting in several clients going out of business, deferral of project work and reduced services due to declining staff counts. This downturn was offset by Glenbriar actively diversifying its client base outside of the energy sector and into senior health and living facilities. A number of new projects in this latter sector resulted in an increase in equipment sales, which is unlikely to be repeated in fiscal 2017, although a pickup is expected by the fourth quarter in equipment sales to that sector. In addition, Glenbriar made major investments in 2015 in data centre and back-office infrastructure to facilitate the shift to a cloud-centric service model, which investments were continued on a substantially reduced basis until January, 2016. Gross margin remained steady at 32 per cent in 2016 and 2015, compared with 26 per cent in 2014. The move to a cloud-centric services model increases fixed costs in relation to variable costs, making operations less profitable in a downturn and more profitable in an upturned economy. Net income was $43,784 in 2016, up from a loss of $191,629 in 2015.
     
  14. TheDude

    TheDude Well-Known Member

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  15. TheDude

    TheDude Well-Known Member

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    Glenbriar earns $68,544 in Q3

    2017-08-03 16:03 MT - News Release

    Mr. Robert Matheson reports

    GLENBRIAR RELEASES 2017 Q3 REPORT

    Glenbriar Technologies Inc. has released its unaudited financial results for the nine months ended June 30, 2017.

    Glenbriar Technologies Inc. 9 months ended June 30 3 months ended June 30
    2017 2016 2017 2016
    Revenue $2,820,593 $3,582,426 $ 955,759 $1,211,481
    Gross profit 1,058,414 1,161,648 440,306 417,594
    EBITDA 122,286 172,826 140,203 103,345
    Income from operations 10,718 85,453 103,014 66,035
    Net income (64,666) 15,053 68,544 38,182
    Net income per share - - - -
    Average Common Shares 49,888,663 48,421,510 52,888,177 48,421,510

    Revenue decreased 21% for the quarter ended June 30, 2017 from the prior year period, made up of no change in services and a 56% decrease in equipment and software sales. Project revenue continued to be negatively impacted by continued reduced economic activity in Alberta, including the bankruptcy or insolvency of a number of clients. However, this trend appears to be turning around and there are initial signs of recovery in the past few months. EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $140,203 for the quarter ended June 30, 2017 from $103,138 in the prior year period. Net income increased to $68,544 from $38,132 for the prior year period, reflecting improved margins on both services and equipment and software sales. The third quarter of 2017 continued to show a strong recovery from the first quarter of 2017.

    In June 2017, Glenbriar became part of the Uniserve Communications team (TSX-V: USS) based in Vancouver. Glenbriar's customers will benefit from a larger dedicated customer support structure and Tier 2 data centre based in Vancouver, a Tier 3 facility on the east coast, and a cross-country network. Uniserve also provides a strong strategy group focused on the data centre space, which Glenbriar's customers can benefit from.

    Universe's existing customers and prospects will benefit from Glenbriar's 20 plus strong managed services team, increased IP telephone capability and a dedicated "software as a service" (SaaS) team based In Waterloo.

    About Glenbriar

    Glenbriar Technologies Inc. (CSE: GTI) is a provider of innovative Cloud-enabled business technology solutions. From its offices in Calgary, Vancouver and Waterloo, Glenbriar delivers solutions that include IT Services, Cloud Services, Unified Communications and Software Services. See www.glenbriar.com for more details.

    We seek Safe Harbor.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  16. TheDude

    TheDude Well-Known Member

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    Glenbriar Technologies Inc. Q3 Results. Financials + MD&A (Ending June 30th 2017)
    Information taken from www.sedar.com on August 3rd 2017

    Price: $0.03
    Common Shares: 130,421,510
    Insider Holdings: 106,855,804 or 81.9% – All Held By USS.V – See July 4th news
    Retail Float Available: 23,565,706

    Financials

    ASSETS
    Cash: $104,438
    Accounts Receivable: $330,111
    Prepaid Expenses: $37,421
    Property & Equipment: $485,117
    Total Assets: $957,087 (Last Quarter - $1,051,128)

    LIABILITIES
    Accounts Payable: $393,020
    Finance Lease(Current): $48,353
    Finance Loan(Current): $25,753
    Deferred Revenue(Current): $5,971
    Deferred Revenue(Remaining): $86,542
    Loan Payable(Remaining): $83,069
    Finance Lease(Remaining): $8,051
    Finance Loan(Remaining): $13,627
    Deferred Rent: $25,883
    Total Liabilities: $688,269 (Last Quarter - $1,580,755) – $840,000 raised to clean debt

    Asset/Debt Ratio: 1.4:1

    Date – Revenue – Profit//(Loss)
    Q3 2017 - $732,343 - $68,544
    Q2 2017 - $669,428 - $24,489
    Q1 2017 - $790,846 – ($157,601) – Change in business (one time issue)
    2016 YE - $4,695,552 - $43,784
    2015 YE - $4,184,230 – ($191,629) – Oil downturn affected results significantly
    2014 YE - $5,953,532 - $271,122

    MD&A Highlights

    Glenbriar’s customers will benefit from a larger dedicated customer support structure and Tier 2 data centre based in Vancouver, a Tier 3 facility on the east coast, and a cross-country network. Uniserve also provides a strong strategy group focused on the data centre space, which Glenbriar’s customers can benefit from. Universe’s existing customers and prospects will benefit from Glenbriar’s 20 plus strong managed services team, increased IP telephone capability and a dedicated “software as a service” (SaaS) team based In Waterloo.

    New projects are in the design phase for rolling out over the next 2 quarters. Cloud deployments, mobility functionality, managed services and print services will continue to grow in enterprise environments, and bring with them the need for increased emphasis on security. Glenbriar is actively seeking upgraded technologies to meet these new requirements.

    Glenbriar has transferred its internal infrastructure to the Cloud infrastructure, and is migrating hosted clients and new Cloud hosted clients as well. By focusing on keeping the data in Canada, new hosting opportunities arise in industries that are sensitive to the location and storage of their data and intellectual property, such as health care, financial services, technology innovation and natural resources. Glenbriar doubled its storage capacity to its Cloud data centre in 2016 to meet current and future demand.

    Glenbriar will be combining its operations with Uniserve over the coming months in order to increase efficiencies and reduce overhead. Accordingly, Glenbriar will not directly seek additional equity or debt financing, but will pursue such opportunities in conjunction with Uniserve, including the implementation of a robust marketing and sales program and reviewing strategic acquisitions.
     
  17. TheDude

    TheDude Well-Known Member

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    Uniserve closes acquisition of 26.85M Glenbriar shares

    2017-08-08 10:44 MT - News Release

    Mr. Nicholas Jeffery reports

    UNISERVE COMPLETES AGREED PURCHASE OF ADDITIONAL 20% OF GLENBRIAR TECHNOLOGIES SHARES

    Uniserve Communications Corp. has received TSX Venture Exchange approval and closed its proposed agreement with the five principals and directors of Glenbriar Technologies to acquire an additional 20 per cent of the issued and outstanding shares of Glenbriar Technologies.

    Uniserve has exchanged 2,148,450 (postconsolidation) Uniserve shares for an additional 26,855,804 Glenbriar shares formerly held by the directors of Glenbriar. With the closing of this transaction, Uniserve now owns 106,855,804 shares of a total of 130,421,510 or 81.9 per cent of the issued and outstanding shares of Glenbriar. Also after this closing, Uniserve's total of issued and outstanding shares will be 38,539,687.

    The Glenbriar British Columbia operational team, currently located in Burnaby, will be moving to the Uniserve offices at the end of September.

    As Uniserve's chief executive officer Nicholas Jeffery stated, "With our recent investment in Glenbriar, Uniserve has dramatically strengthened its managed service capability and extended its Canadian footprint with offices now in Calgary and Waterloo.

    "Glenbriar customers will benefit from a larger focused customer support structure based in Vancouver, as well as a T2 data centre in the same city and a T3 facility on the east coast along with a cross country network.

    "Universe's existing customers and prospects will benefit from a 20-plus strong managed services team, increased IP telephone capability and a dedicated software-as-a-service team based In Waterloo."

    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.

    We seek Safe Harbor.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  18. TheDude

    TheDude Well-Known Member

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    USS to acquire GTI's assets and GTI to start new business:

    http://thecse.com/sites/default/files/CSE_Monthly_Report_-_September_2017.pdf

    Glenbriar and Uniserve have been integrating their platforms and service offerings over the past 2 months. Once this transition is complete, Glenbriar intends to sell its information technology services business to Uniserve, and to pursue new opportunities. A shareholder’s meeting is expected to be called in the coming weeks to formally ratify this transition.
     
  19. TheDude

    TheDude Well-Known Member

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    Uniserve buys 5M Glenbriar shares, now owns 86%

    2017-10-12 13:20 MT - News Release

    See News Release (C-USS) Uniserve Communications Corp (4)

    Mr. Michael Scholz of Uniserve reports

    UNISERVE PURCHASES AN ADDITIONAL 4% OF GLENBRIAR SHARES

    Uniserve Communications Corp. has purchased an additional five million shares of Glenbriar Technologies Inc., taking Uniserve's holdings to approximately 86 per cent of Glenbriar. The Vancouver office of Glenbriar has been merged into Uniserve's Vancouver office and all operations in Glenbriar's Calgary and Waterloo offices are being streamlined under the Uniserve umbrella. It is anticipated this will be completed by year-end.

    Uniserve is pleased to announce $420,000 of convertible debt has been shifted to equity, resulting in the issue of approximately 2.2 million shares. Also, the balance of 656,000 warrants, expiring in September, 2017, have been exercised in full at 37.5 cents.

    Uniserve has also negotiated a one-year $700,000 loan with interest at 3.5 per cent per annum and have used part of the proceeds to retire a $470,000 debt with interest chargeable at a higher rate.

    Of the 2.6 million warrants exercisable at 17.5 cents and expiring March 31, 2018, approximately 80 per cent have already been exercised.

    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. Uniserve prides itself on world-class customer service. When all else is equal you can trust Uniserve to have a great price, a world class customer experience and to be a company you trust and like working with.

    We seek Safe Harbor.

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