Vancouver's Uniserve Communications Corp. (TSX-V:USS) plans to sell Parasun Technologies Inc. to an affiliate of Integrated BroadBand Services LLC for US$20 million.
Parasun enables cable operators in the U.S. and Canada to sell high-speed Internet services to their customers. Uniserve acquired the company in May 2007.
Uniserve said it plans to use the sale's proceeds to repay all its secured creditors.
The deal is expected to close by September 30.
Uniserve's share price range during the past week: between $0.18 and $0.21; 52-week high: $0.61; 52-week low: $0.18.