Union Equity CEO Executes Lock-Up Agreement Ahead of Schedule; Company to Hire Investor Relations Liaison
PALM BEACH, Fla., May 10, 2005 (BUSINESS WIRE) --
Union Equity Inc. (Pink Sheets:UNQT) CEO has executed a lock-up agreement that will prohibit him from selling any of his personal company stock on the open market until November, 2006. Without the agreement in place, Anthony would have been allowed to begin selling his stock on the open market this coming November, 2005, in accordance with Rule 144.
The agreement was originally scheduled for execution by June 1, 2005, but has been completed nearly three weeks ahead of schedule.
"The terms were set and they looked great so there was no reason to put it off for even one more day," said CEO Michael Anthony. "It's a done deal and now that it's in place. I can move forward and concentrate on other aspects of the company."
The completed lock-up agreement will be posted on the company's web site on the Shareholders Center page in PDF format by no later than this Thursday, May 12, 2005.
Union Equity CEO Michael Anthony met late last week with a representative from the company's accounting firm Bagell, Josephs & Company, LLC to begin preliminary work on audited financials for the company.
Due to its "non-reporting" status, Union Equity is not required to complete audited financials but has elected to do so anyway. The company's upcoming financial statements will reflect activity for the year of 2004. The company plans to continue to complete audited financial statements from this point forward in order to eventually achieve reporting status.
Bagell, Josephs & Company is registered by the PCAOB (Public Company Accounting and Oversight Board) and is part of the BDO Seidman alliance of accounting firms. BDO Seidman is the fifth largest international accounting firm. Bagell, Josephs & Company was recently rated as one of the top 100 auditing and accounting firms nationwide.
Union Equity is also screening candidates to fill the position of Investor Relations Spokesperson. This individual will be responsible for responding to shareholder inquiries.
"It's gotten to the point where it is impossible for us to respond to each and every phone call and still run business, so we're bringing in a pro," Anthony said. "We're talking to a few highly qualified individuals who can speak intelligently about the company, our capital structure and our plans for the future."
Union Equity is also working aggressively with Realty Associates Florida Properties to research residential construction and renovation projects in South Florida through their wholly-owned subsidiary, Eden Development Group.
On April 18, 2005 Union Equity approved a 600% dividend in the form of a six-for-one forward split of its common stock. Shareholders who purchase stock in the company by May 16, 2005 will receive six additional shares of common stock for every single share owned. Shareholders or potential shareholders who have technical questions regarding the dividend should contact their brokers directly. The company can not answer any questions pertaining to post-dividend pricing or taking delivery of stock certificates.
About Union Equity
Union Equity is a national real estate development and holding company, specializing in the fields of Residential Property Development, Mortgage Finance and Construction of New Residential Properties. The company operates independently and through its wholly-owned subsidiary Eden Development Group and plans to grow aggressively over the next two to three years through acquisitions, mergers and internal growth.
