OTTAWA, ON -- Plaintree Systems Inc., a developer and manufacturer of Free Space Optical (FSO) wireless products, i...
March 18, 2002
OTTAWA, ON — Plaintree Systems Inc., a developer and manufacturer of Free Space Optical (FSO) wireless products, is working to execute a potential business arrangement with Unique Broadband Systems, Inc. (UBS) of Concord, ON.
Although the terms of an arrangement have not been formalized, the deal contemplates the issuance by Plaintree of 1.3 common shares for each common share of UBS. It also contemplates a dividend from UBS to UBS shareholders of an amount not to exceed $0.15 per share.
David Watson, president and CEO of Plaintree,says the companies are complementary and that an arrangement between Plaintree and UBS would be beneficial to both companies as well as their respective shareholders. In a press release, Watson stated that, “A relationship between Plaintree and UBS could be the lifeline that UBS needs to lift it above the myriad of Radio Frequency (RF) companies in the market.”
Plaintree contends that a hybrid FSO product with a RF back-up would allow both companies to become leaders in the FSO market.