Universal Power Group Inc. (fka UPGI)

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Zunicom Announces Amendment to Compass Bank Subordination Agreement
Date : 06/18/2008 @ 8:30AM
Source : MarketWire
Stock : Zunicom, Inc. (UPG)
Quote : 4.49 -0.13 (-2.81%) @ 10:57AM
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Zunicom Announces Amendment to Compass Bank Subordination Agreement





DALLAS, TX announced today that Zunicom and Compass Bank have amended the Subordination Agreement dated as of June 19, 2007 to allow Zunicom to utilize in its discretion all principal and interest payments received by Zunicom from Universal Power Group, Inc. ("UPG") on two-6% UPG promissory notes dated December 20, 2006 in the aggregate principal amount of $5.85 million payable to Zunicom (the "UPG Notes"). The original Agreement with the Bank required Zunicom to hold all payments received from UPG on the UPG Notes in trust for the benefit of the Bank until all indebtedness of UPG to the Bank was paid. As amended, the Agreement now provides that so long as UPG is not in default on any loan agreement with the Bank, UPG shall pay to Zunicom all scheduled interests and principal payments on the UPG Notes and allows Zunicom in its discretion to utilize or spend any such amounts received from UPG.





The UPG Notes provide for quarterly interest payments on the unpaid principal balances of the UPG Notes and 16 quarterly principal payments in the aggregate amount of $365,625 beginning September 20, 2008. UPG has timely made all quarterly interest payments to Zunicom on the UPG Notes.




About Zunicom, Inc.




Zunicom, Inc. (www.zunicom.com) through its wholly owned subsidiary, AlphaNet Hospitality Systems, Inc. (www.alphanet.net), provides business communication services to the hospitality industry. Zunicom owns 2,000,000 shares of the common stock of Universal Power Group, Inc. (AMEX: UPG) that represents 40% of the issued and outstanding shares of UPG common stock as of this date.




Forward-Looking Statement Disclaimer



This release contains a number of forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expresses or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.


Contact:



Zunicom, Inc.

Carl A. Generes

214.352.8674

972.715.5700-fax

[e-mail]