Ultradata Systems Signs Share Exchange
Friday November 10, 4:08 pm ET
NEW YORK, NY--(MARKET WIRE)--Nov 10, 2006 -- Ultradata Systems, Inc. ("Ultradata") (OTC BB:UDTA.OB - News) announced that it has entered into a Share Exchange Agreement with China Organic Health Products, Inc. ("COHP"), a Delaware corporation, the shareholders of COHP, and Jilin Huaren Organic Health Products Co., Ltd ("Huaren"), a corporation organized in the People's Republic of China.
Closing of the share exchange is subject to several conditions. The Agreement provides for the acquisition by Ultradata of 100% of the issued and outstanding capital stock of COHP from the COHP shareholders, which would make COHP a wholly owned subsidiary of Ultradata, in exchange for the issuance of Ultradata common stock and shares of Ultradata's Series D Convertible Preferred Stock. After the transaction, the COHP shareholders would own 85% of Ultradata's equity.
China Organic Health Products, Inc., through its 100%-owned subsidiary, Jilin Huaren Organic Health Products Co., Ltd, is engaged in the research and development, production, and sales of organic foods and healthcare products. Jilin Huaren obtained its organic farming certificate and organic food label from the Organic Food Development Center (OFDC) of China in 2004. It markets its products through a network of 90 distributors and 140 specialty stores that provide logistical support and training to salons, supermarkets, and retail outlets.
Ultradata Systems, Inc. develops, manufactures, and markets hand-held travel information computers and information systems used for locating destinations and trip planning.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact:
Contact:
Peter D. Zhou
212-232-0120
