Uniserve Closes Oversubscribed Private Placement; In Talks with VOIP Application Developer and Technology Incubator

VANCOUVER, BRITISH COLUMBIA, Mar 29, 2012 (Marketwire via COMTEX) -- Uniserve Communications Corporation (TSX VENTURE:USS) (the "Company") announces that it has closed the non-brokered private placement previously announced on February 7, 2012 and March 15, 2012. The unit private placement was oversubscribed for proceeds of $492,975.

The closing consisted of 7,042,500 units (the "Units") at a price of $0.07 per Unit. Each Unit consists of one common share of the Company (a "Share") and one-half of a Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Share at a price of $0.10 per Share until March 23, 2013.

In connection with the Offering, the Company has paid a cash commission in the amount of $11,200.00, being 8% of the aggregate proceeds from the sale of Units to purchasers introduced by a finder. The Company has also issued Warrants to acquire a total of 190,000 Shares, being 8% and 10% of the number of Units sold under the Offering to purchasers introduced by the respective finders.

All securities issued under the Offering are subject to a four month hold period ending July 24, 2012 in accordance with applicable Canadian securities laws. Proceeds of the placement will be utilized in furthering the Company's marketing plans relating to Uniserve's Cloud Computing services, available through www.uniservecloud.com and general working capital.

The Company is also in the process of concluding discussions with a Vancouver based VOIP application developer to provide various infrastructure services in support of their operational platform, as well as a collaboration agreement with a nationally known technology incubator. Details of these business relationships will be announced upon execution of the formal agreements.

Uniserve Communications Corporation (TSX VENTURE:USS) is an industry leader in the integration and delivery of voice and data services over multiple IP networks directly or through wholesale partnerships to businesses and retail consumers throughout Canada. Learn more at www.uniserve.com or at www.sedar.com.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Michael Schmidt, CEO Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.

SOURCE: Uniserve Communications Corporation Uniserve Communications Corporation Investor & Corporate Relations 604-395-3922 invest@uniserve.com www.uniserve.com

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