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UVSS Universal Systems Inc Washington (CE)

0.000001
0.00 (0.00%)
29 Nov 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% 0.000001 0.00 00:00:00

Universal Systems Prepares to Launch Cable Surveying Expedition

17/07/2008 2:30pm

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Universal Systems Inc Wa... (CE) (USOTC:UVSS)
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BAKER CITY, OR announced today it has purchased a 45 ft. Sea Ray and is outfitting the vessel with updated radar and specialized surveying equipment. The Company plans to depart for Alaska and begin a surveying expedition before the end of the month.

"We are moving forward quickly on the recovery of the cable," stated Mr. Kevin Chambers, CEO of Universal Systems, Inc. "This first step is to survey the ocean floor with the GPS coordinates we obtained from our last visit to Alaska. We will then map out our recovery plan and be ready for the arrival of the recovery equipment and crew to begin the salvage operation."

The surveying vessel is currently in San Francisco being outfitted with a new radar system and will continue to Seattle later this week to obtain additional equipment needed for the survey and recovery process. The Company estimates that the remaining barges, tug boats, cranes, etc. will begin arriving in early August.

The Company purchased the rights to salvage the communications cable known as the Alaska Communication Submarine Cable in early January 2008 in exchange for a convertible debenture in the face amount of $102 Million to the holders of the submarine rights. The debenture is convertible into UVSS common shares at (1) share for each $10.00 of debenture principal. Accordingly, the Company will be issuing a total of 10.2 Million shares upon conversion of the debenture.

Mr. Chambers added, "The cable extends approximately 4,850 miles from the Southern Coast of California, towards the Alaskan Islands along the west coast of the United States with an approximate total copper weight of 37.5/lbs. per foot. The copper value becomes staggering when you compare the per-foot weight with a recent Kitco Base Metals index price for copper of approximately $3.70 per/lb."

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 turn-key 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.

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 541-523-0220 info@universalsystemsinc.net

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