UDTA is gonna look great ...
Out of their 10 QSB
'In the Management Agreement, the Managers agreed that they will
approve any corporate acquisition in which (a) the acquired company had
not less than $2.5 million in revenue and not less than $700,000 in net
pre-tax income in the year ended September 30, 2005, (b) the
shareholders of Ultradata at the time of the merger and the holders of
the Series C Preferred Stock will, on closing of the acquisition, own
not less than five percent of the equity in Ultradata, and (c) there are
no other material terms of the corporate acquisition that are
objectionable to the Managers.'
+
On the same date Ultradata and RW Data entered into a Management
Agreement with Monte Ross, Ernest Clarke and Mark Peterson (the
"Managers"), who were officers and members of Ultradata's Board of
Directors prior to June 30, 2006. All directors of Ultradata resigned,
and a designee of Warner Technology became the sole director. The
Managers agreed to the termination of their employment agreements with
Ultradata, and that they would instead assume responsibility for the
management of RW Data, Inc. The Managers undertake to use their best
efforts to effect a sale of the assets of RW Data during 2006.
AI
