United American Healthcare Corp (UAHC)

[pennypauly]

UAHC Receives $918,439.46 Distributions of Receivership Funds

Dec 07, 2016
OTC Disclosure & News Service

Chicago, IL -

United American Healthcare Corporation Receives Distributions of Receivership Funds

Chicago, Illinois, December 7, 2016 (OTC Pink Sheets: UAHC) – United American Healthcare Corporation (“UAHC”) announced today that it received two distributions in an aggregate amount of $918,439.46, which had been held in receivership by the Florida Department of Financial Services (“FDFS”) since 1998. The distributions constitute UAHC’s share of excess funds from the estate of Ultramedix Healthcare Systems, Inc. (“UHS”), as a result of UAHC’s 80% ownership of the now-dissolved United American of Florida, Inc. (“UAF”), which in turn owned 51.4% of UHS.

The Circuit Court of the Second Judicial Circuit in Leon County, Florida appointed FDFS as receiver for UHS and UAF in 1998. Joel S. Mutnick and Fiske and Company (the “Authorized Agents”), acting on behalf of all UHS and UAF shareholders, filed a “class 10” shareholder claim with FDFS and the Circuit Court in September 2012. This action was taken in response to a change in Florida’s insurance receivership laws that otherwise could have resulted in forfeiture of remaining assets held in the UHS and UAF receivership estates.

On June 7, 2016, the Circuit Court ruled in favor of UHS, UAF, and the Authorized Agents, and ordered a distribution of certain funds held in receivership to the Authorized Agents within 45 days of the order. The order further required the Authorized Agents to distribute the funds to shareholders of UHS within 120 business days after receiving the funds.

UAHC initially received proceeds of $895,694.11 in July 2016. On November 15, 2016, UAHC received an additional distribution in the amount of $22,745.35. UAHC does not expect to receive any additional funds related to this matter or its ownership interest in UAF.

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