Universal Systems and Atlas Monetary International Trust Complete Joint Venture Agreement
BAKER CITY, OR, Oct 06, 2008 (MARKET WIRE via COMTEX) -- Universal Systems, Inc. (PINKSHEETS: UVSS) is pleased to announce today that it has successfully signed a joint venture agreement with Atlas Monetary International Trust. The agreement encompasses several initiatives that are core to the Atlas mission. The first component of the agreement has been defined and awards to USI a contract for the design and production of a marine system for cleaning petroleum spills at the point of the spill. USI was selected by Atlas Trust for this joint venture based on the performance of its electro-coagulation systems and the environmental focus of the corporation. The patented technologies employed in these systems give them unrivaled volume flow performance and the ability to remove even the smallest traces of petroleum and other contaminants from seawater, potentially leaving it cleaner than it was before the spill. Discussions are underway that will award additional contracts to USI for environmental projects that are on the Atlas Trust strategic roadmap.
Atlas Trust will immediately purchase 8,000,000 shares of Universal common stock for a price of $25.00 per share, equaling $200,000,000 USD. This infusion of capital will enable Universal Systems to move forward with design of the marine-based electro-coagulation equipment and to take over the contract from Ocean Vacuum Corporation to produce ocean platforms to be used for clean up and recovery of oil spills and contaminated water. The contract calls for the design, manufacturing and assembly of approximately 16,000 ("Sixteen Thousand") units. The contract ceiling currently stands at $2.4 billion (USD); however this number will increase to cover the full projected cost of all systems when the final production cost is determined. Engineering will start immediately and a prototype system will be available for test within 9-months. A large portion of the assembly will take place in Puerto Rico while design, engineering and the building of the working prototype will take place in Baker City, Oregon. Universal has initiated negotiations for the purchase of several large blocks of real estate with existing buildings to accommodate its new cast of employees. Universal plans to move its head quarters there as well in order to consolidate operations and its other products. Production units will be leased to major oil companies and stored on their large oil tankers to act as a first line of defense for decontamination at the point of spill, should one occur. Had these systems been available at the time of the Valdez oil spill in Alaska the majority of the environmental effects felt through the release of millions of gallons of oil into the ocean could have been prevented.
Reflecting on the signing of the joint venture agreement with Atlas Trust, Mr. Kevin Chambers, CEO of Universal Systems, commented, "This agreement is the thread tying together the environmental technologies accumulated by USI over the past several years. These years have been spent in building a unique capability to make an impact on the state-of-the art in environmental cleanup. With the signing of this agreement, the long-standing vision is realized and USI stands fully empowered for execution. This is a momentous occasion for USI and for all who have wished for better ways to mitigate the damage of environmental mishaps on our oceans, beaches and marine life. And this is only the beginning!"
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 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' 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 centrally 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.