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Universal Communication Systems, Inc. Company Chairman Issues Open Letter And
Update On Continuing Subsidiary Operations
MIAMI, Oct. 28 /PRNewswire-FirstCall/ -- Universal Communication Systems, Inc.,
(BULLETIN BOARD: UCSY) company Chairman Michael J. Zwebner, today issued the
following open letter and company update and made the following corporate
statement:
"I wish to thank all our shareholders and investors both in the U.S., and all
over the world, that responded overwhelmingly and positively in their
participation in the voting process for the Annual Shareholders Meeting held and
concluded last week. Their positive responses and actions reflect their serious
interest both in the company, its leadership and management, as well as in the
new products, technologies and services now being offered and provided by the
company.
"The following is a short list of our major company accomplishments over the
past year.
"In regard to the previous activities of World Wide Wireless, the company has
either resolved or reached agreement with almost all creditors on our past debts
and disputes, including various cases involving litigation.
"The company has closed or shut down all previous loss-making operations both in
the U.S. and overseas. The company currently retains a 27% share holding in
Digital Way SA, in Lima, Peru.
"Digital Way SA recently entered into a telecommunications services contract
with YAK Communications, Inc. (NASDAQ:YAKC)(http://www.yak.ca/), a major telecom
casual dial-around company, to provide the local Peruvian market with
competitive local and international long distance calling options and
facilities.
"Following a major investment by YAK in setting up the infrastructure for this
project, both air time traffic (minutes) and revenues are now expected to
increase significantly.
"In February 2003, the company formed AirWater Corporation, with the intention
of entering the unique business of building machines and systems for water
extraction from air.
"The company successfully negotiated and acquired the 4 major patents relating
to the AirWater technology and systems from J & J Reidy Inc., of Holden, MA.
"Utilizing the AirWater patent designs and enhancements, the company has now
entered into manufacturing agreements with 3 separate entities, and has
successfully built a number of 'test' models. The company continues to work to
enhance the machines with new innovative designs and concepts. Special emphasis
is being exerted on unique and exclusive 'safety' and control systems, as well
as unique manufacturing processes, which lower the manufacturing costs and the
ultimate cost of the finished product.
"AirWater Corp. has supplied numerous working AirWater machines to both the
private sector and to governments and military authorities for product testing
and evaluation for various uses and applications. Both the U.S. military and
other government organizations continue to evaluate the machine and are in
constant communications with the company on the feasibility of several
alternative applications.
"The company has and continues to receive immense interest from persons and
corporate entities from around the world. AirWater Corp. has embarked on a
worldwide sales and marketing program, and has engaged agents and marketing
companies on a worldwide basis. These AirWater Corp. agents and corporate
representatives have established contact and opened negotiations with no less
than 18 separate overseas governments.
"Realizing the need for alternative power and energy sources, in particular for
some models of the AirWater machines, in September 2003, the company concluded
the acquisition of Millennium Electric TOU Inc., a leading Israeli entity
operating in the field of solar power, with special emphasis on Photo-Voltaic
(PV) solar energy.
"The company recently established new offices in the high tech business complex
in Herzliah, Israel. This new corporate office will spearhead both sales and
marketing of AirWater machines, and all solar products on a worldwide basis. In
addition, the company is now in the process of establishing a new sales and
marketing office in Baltimore, MD. The purpose of the new office in Baltimore is
to concentrate sales and marketing efforts for all Solar and PV Solar Energy
range of products and services.
"Negotiations continue on the recently announced and proposed acquisition of the
GiraSol Solar Group of Holland. The company, through its attorneys and
accountants, is conducting its due diligence at this time. It is management's
sincere hope and intention to close this transaction before the year's end.
"Just a few days ago, the company announced that it has reached agreement with
the outstanding debenture holders, namely Amro International S.A.; The Endeavour
Capital Investment Fund S.A.; Esquire Trade & Finance Inc.; and the Celeste
Trust Reg. to fully convert all outstanding amounts due to equity, and to cancel
the debentures. The impact of this financial settlement has already been felt
within the company, as over the past few months, the company has successfully
raised in excess of $1 million in fresh capital from subscriptions and private
placements and has now been assured of further substantial additional funding.
"The 'use of proceeds' of these funds are and include the funding of ongoing
operations, research and development of new air to water technologies,
commercial and military applications, manufacturing methods, as well as ongoing
product design and development costs, including the now substantial investment
in global sales and marketing programs.
"We will shortly announce further results of these ongoing marketing efforts.
"So far, we believe that 2003 has been a year in which the company has changed
its appearance, continued successfully to clean its past, adopted a new business
and corporate strategy, made dramatic progress in the high tech field of air to
water extraction, together with its commercial exploitation and latterly its
successful entrance into the solar (PV) industry.
"All in all, a good year for UCSY, and we look forward to reporting further
positive progress to all of our shareholders and investors as events unfold.
Thank you,
Michael J. Zwebner - Chairman
Universal Communication Systems, Inc."
About Universal Communication Systems, Inc. For further detailed information,
visit our web address: http://www.ucsy.com/
About AirWater Corporation For further detailed information, visit our web
address: http://www.airwatercorp.com/
About Millennium Electric TOU Limited For further detailed information, visit
our web address: http://www.millennium-/ electric-inc.com
Safe Harbor
Caution Concerning Forward-Looking Statements by Universal Communication
Systems, Inc.
This document includes certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based
on management's current expectations or beliefs, and are subject to uncertainty
and changes in circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in economic,
business, competitive, technological and/or regulatory factors, and factors
affecting the integration of the businesses of Universal Communication Systems,
Inc. More detailed information about these factors may be found in filings by
Universal Communication Systems, Inc. with the Securities and Exchange
Commission, including their most recent annual reports on Form 10-KSB and
quarterly reports on Form 10-QSB. Universal Communication Systems, Inc. is under
no obligation to, and expressly disclaims any such obligation to, update or
alter their forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contact:
Universal Communication Systems, Inc., Miami
Rolando Sablon, 305/672-6344
Company web address: http://www.ucsy.com/
For further information email us at:
DATASOURCE: Universal Communications Systems Inc.
CONTACT: Rolando Sablon of Universal Communication Systems, Inc.,
+1-305-672-6344
Web site: http://www.ucsy.com/
http://www.airwatercorp.com/
http://www.yak.ca/