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Last C$0.09 CAD
Change Today 0.00 / 0.00%
Volume 0.0
UBN On Other Exchanges
As of 3:47 PM 08/27/15 All times are local (Market data is delayed by at least 15 minutes).

urban communications inc (UBN) Snapshot

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52 Week High
04/1/15 - C$0.22
52 Week Low
09/5/14 - C$0.06
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urban communications inc (UBN) Details

Urban Communications Inc., through its subsidiaries, operates as a telecommunications company that develops and operates telecommunications networks for the delivery of Internet, voice, video, and broadband application products to commercial, residential, and public sector customers in Vancouver and Victoria, British Columbia. The company engages in the construction, operation, and management of fiber optic telecommunications networks; and provision of broadband subscriber services. It also provides Ethernet services; multimedia services, including Internet, Voice over Internet Protocol telephony, and cable television services; and broadband services, including entertainment content and gaming portals under the Urban brand. As of July 6, 2015, the company’s operated a fiber optic network covering 200 kilometers in Vancouver and Victoria; and served approximately 850,000 residential units and 80,000 commercial enterprises. The company was formerly known as Boulevard Capital Ltd. and changed its name to Urban Communications Inc. in June 2001. Urban Communications Inc. was incorporated in 1988 and is headquartered in Burnaby, Canada.

Founded in 1988

urban communications inc (UBN) Top Compensated Officers

Chairman of the Board and Chief Executive Off...
Total Annual Compensation: C$125.7K
President and Director
Total Annual Compensation: C$116.7K
Chief Compliance Officer, General Counsel, Di...
Total Annual Compensation: C$100.6K
Compensation as of Fiscal Year 2014.

urban communications inc (UBN) Key Developments

Urban Communications, Inc. Announces Executive Changes

Urban Communications Inc. announced that Chris Convey has resigned as Chief Financial Officer to move back to his native U.K., and Julie van Baarsen has been appointed acting Chief Financial Officer effective May 31, 2015. Julie van Baarsen is an effective leader and accounting professional with particular experience in public company reporting, IFRS, internal controls and auditing. She was most recently Vice President Finance of Teliphone Navigata-Westel Communication Inc. She was also Chief Financial Officer of Petaquilla Minerals Ltd.

Urban Communications, Inc. Announces Audited Consolidated Earnings Results for the Quarter Ended March 31, 2015

Urban Communications, Inc. announced audited consolidated earnings results for the quarter ended March 31, 2015. For the quarter, the company incurred a net loss of $852,725 compared to a loss of $253,399 for the corresponding quarter in the prior year. This increase in net loss was primarily due to increased operating costs as the company launched its new 1-Gigabit (1-Gbps) services to both residential and commercial customers in 2015.

Urban Communications, Inc. Announces Commencement of Litigation

Urban Communications Inc. announced that litigation has been commenced by a former director, officer and significant shareholder against the Company, three of its current directors and officers, one of its subsidiaries and the spouses of two of the current directors and officers. The company has not yet filed a defence in Court to the action, but the Company and its directors and officers completely and categorically deny all of the allegations, which are without merit, and have instructed legal counsel to vigorously defend the action. The claims, none of which have been proven in Court, are based primarily on an allegation that the purchase of the subsidiary was fraudulent for the purposes of the current directors and officers taking over majority ownership of the Company, that the consideration paid was misrepresented and not properly disclosed under Canadian securities laws and regulations, and that the transaction was oppressive and a breach of fiduciary duty by two directors. Additional claims relate to private transactions between the claimant and some other directors. The remedies sought by the claimant include an order to set aside the agreement for the purchase of the subsidiary and a return of funds, and for orders removing three directors and officers of the Company and appointing alternate directors, an injunction preventing the three directors from dealing with their shares, and special and punitive damages. The claimant is a control person of the Company. The Company is pursuing a company controlled by the claimant for substantial indebtedness claimed by the Company. Concurrently with the Court action, the claimant has given notice to nominate an alternative slate of directors for election at the next Annual General Meeting scheduled for June 30, 2015. The Company has instructed legal counsel to defend the action and to file a counterclaim that will allege certain breaches of fiduciary duty and breaches of confidence obligations by the claimant, and misrepresentations by the claimant that have caused the Company damages. It is the view of the Company that the action by the claimant is a subterfuge for his own attempt to take control of the Company without complying with the takeover provisions prescribed by securities laws and regulations by taking over the board of directors, and that it is an attempt to avoid the consequences of a Court action by the Company to recover the indebtedness claimed from his company.


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