WOW!!! News!!!
Ulysses Holding Corp. Completes Reduction of the Company's Authorized Shares
Last Update: 8:59 AM ET Nov 14, 2007
JACKSONVILLE, NY, Nov 14, 2007 (MARKET WIRE via COMTEX) -- Ulysses Holding Corp. (PINKSHEETS: UHCR) today announced that it has completed the reduction of the company's authorized shares with The Secretary of State of Delaware, and now has the filed stamped resolution authorizing such.
The current authorized shares now are 12 Million. The 12 Million Authorized Shares consist of 2,000,000 Preferred Shares (restricted for two years in management's control with no conversion options to common) and 10,000,000 Common Shares.
The company is currently reviewing several options to further reduce its Authorized Common Shares by an additional 2,000,000 to 3,000,000 shares by years end. The purpose for this additional reduction is to strive towards our objective of a share price between $1.00 and $2.00 per the current business plan now in place.
"We believe this objective to be very obtainable with the current assets in place and scheduled to come into the company and other certain assets under negotiations, the goal is to have the least amount of common shares available, as not to dilute the common shareholders and positioning the company for the sale of a separate class of restricted stock to Institutional Investors," said Mr. Young President & CEO.
Mr. Young also added, "We intend to raise additional acquisition and growth capital in this fashion, while achieving a share price worthy of a move to a more reputable trading arena."
About Ulysses Holding Corp.:
Ulysses Holding Corp. is a start-up retail optical holding company with an aggressive plan towards rapid expansion and revenue growth within the next 12 months. The company will focus only on profitable outlets with an average or better industry margins.
NICE
