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Wireless Internet and TV operator UBS makes a profit

Unique Broadband Systems Inc., owner of Milton, Ont.-based Look Communications, announced Tuesday it is in the black.

Look, which provides television and Internet service using wirelessequipment, said earlier this year it plans to wind down operations and sell its spectrum to the Inukshuk joint venture co-owned by Bell and Rogers.

UBS said its earnings for the quarter ending May 31 were $23.6 million and it has $21.3 million in cash.

The company lost $7.3 million during the year ending Aug. 31, 2008.

Earlier this year it decided to auction off its spectrum in the 2.5 GHz to 2.69 GHz range, which it was using in WiMAX trials.

The sale of its spectrum to Inukshuk is worth $80 million. Thecompany got the first $30 million in May and the next $20 million isdue Dec. 31. The final $30 million is due May 14, 2012.

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Jim Love, Chief Content Officer, IT World Canada

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