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UVSS Universal Systems Inc Washington (CE)

0.0001
0.00 (0.00%)
05 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Universal Systems Inc Washington (CE) USOTC:UVSS OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0001 0.00 01:00:00

Universal Systems Executes MOU to Acquire BioStar Technologies

27/05/2008 1:57pm

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Universal Systems Inc Wa... (CE) (USOTC:UVSS)
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BAKER CITY, OR announced today that it has executed a Memorandum of Understanding to acquire BioStar Technologies in a share-for-share exchange.

BioStar specializes in supplying microbial, enzymatic, and chemical products and technology for the petroleum, refining and pipeline industries to assist with the optimization of crude oil production, crude properties, and all processes associated with hydrocarbon exploitation, transportation, refining, and distribution of its derivatives. BioStar has based its development in products with the highest degree of environmentally safety standards, and environmentally conscious procedures. It has operated in Alaska, Louisiana, and California since 1990, including international operations in Canada, Venezuela, Trinidad, Ecuador, and Syria.

"We are excited about the pending acquisition of BioStar," said Mr. Kevin Chambers, CEO of USI. "Their products and services are especially complementary to our corporate mission to provide economically and ecologically viable water and wastewater treatment solutions worldwide."

Under the terms of the MOU, USI would issue 2,500,000 shares of "restricted" common stock in exchange for 25,000 shares of common stock in BioStar, representing 100% of the total issued and outstanding shares of BioStar. As such, BioStar would become a wholly owned subsidiary of USI, conducting its daily business separate from, but under the supervision of USI. In addition, both companies would have the right to appoint two (2) members to each others' board of directors.

USI will initially provide $1,000,000 in developmental capital to BioStar upon the execution of a final acquisition agreement with $4,000,000 in additional growth capital within 12 months of the acquisition date. The final agreement is anticipated to be completed within 60 days, following the completion of the due diligence process and acceptable company integration plan.

Mr. Daniel Spencer, Chairman of BioStar commented, "This proposed merger with USI provides BioStar with much needed capital to fully realize its business potential. Furthermore, the integration with USI will enhance each other's products and services and will provide the vehicle to cost-effectively and efficiently market our collective offerings."

About Universal Systems, Inc.

Universal Systems, Inc (USI) is a publicly traded holding company focused on providing economically and ecologically viable water and wastewater treatment solutions. USI offers a FULL SERVICE turnkey water treatment services, specializing in "slop oil" and CBM (Coal Bed Methane) produced water.

In 2007, USI obtained an exclusive worldwide licensing agreement to provide slop oil and processed wastewater treatment services to the oil industry. The company's mission is to become the leader in the development and delivery of cost effective slop oil and processed wastewater treatment. USI joined Powell Water Systems. Inc. (PWS) and Water Solutions, LLC (WS) to bring PWS's patented electrocoagulation technology to the oil industry, making large flow waste oil, and water treatment efficient and cost effective.

More recently, USI has discovered the immediate need to become involved in building, owning, and operating central produced water processing facilities. This service is widely needed wherever natural gas is produced; the diminished capacity to handle processed water from natural gas production is causing some production wells to be shut in until alternative-treating plants can be brought on line. As tougher water discharge regulations are being imposed, the need is becoming even greater.

USI's business plan for expansion includes the purchase or acquisition of other specialized trade service companies that will complement and enhance the overall product and service offering of the company.

About BioStar Technologies

BioStar Technologies is a company created in 1990 solely as a microbial company, which has added new products to its line through research and development, and that has formed alliances with water treatment equipment manufacturers to market their equipment and technology. The water treatment technology offers the opportunity to provide this kind of service in different areas of the world. An initial approach has been taken to incorporate this service and has been welcomed by potential clients. The firm is currently managed by the founder and Mr. Daniel Spencer, and Mr. Alirio Pinango, co-owner, a Mechanical Engineer with nineteen years of experience in associated petroleum engineering areas.

Safe Harbor Statement Under The Private Securities Litigation Reform Act Of 1995:

The Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information, as long as those statements are identified as forward-looking and are accompanied by cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the forward-looking statements. Universal Systems, Inc. desires to take advantage of the safe harbor provisions of the Reform Act. All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect the Company. We assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws. In addition, it is our policy generally not to make any specific projections as to future earnings, and we do not endorse any projections regarding future performance that may be made by third parties.

Universal Systems, Inc. is traded on the OTC Exchange under the symbol UVSS. More information is located at the web-site www.universalsystemsinc.net

Contact: Kevin Chambers info@universalsystemsinc.net

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