Ultra Motorcycle Company (fka UMCC)

[MMMARY]

Report is out: Bad news

Finova called their loan due as they missed a payment. That was the holdup. More bad stuff in the report. Now we know why the stock is at .11 cents. For example, during the fourth quarter of 2000, one of the Company's suppliers of frames failed to timely deliver product as promised. Consequently, the Company was unable to meet its production schedule, resulting in a loss of revenue for the fourth quarter of approximately $1,500,000.

1,455 bikes only below my 1,550 est.

cog up to 82%

they didn't pay the whalen note.

REPAYMENT OF WHALEN NOTE. As described above under the caption entitled "Liquidity and Capital Resources--Existing Financing Arrangements", the Company became obligated on March 31, 2001 to repay a note held by William Whalen, a former shareholder of the Company, in the approximate principal amount of $156,638. Accrued and unpaid interest under the note as of March 31, 2001 is approximately $22,350. The Company currently does not have the resources to repay this note. The Company is negotiating with Mr. Whalen to extend the term of the note to an as of yet undetermined date. However, there can be no assurances that these negotiations will be successful. If the Company is required to repay the note immediately, this will have a material adverse effect on the Company's financial condition.

can't pay fine

THE COMPANY MAY NOT HAVE THE RESOURCES TO PAY A CIVIL PENALTY IF ONE IS IMPOSED BY THE CALIFORNIA STATE AIR RESOURCES BOARD.The

they gave john a bike

In October 2000, the directors awarded Mr. Russell an Ultra motorcycle as additional compensation for his past services as a member of the Board of Directors. The manufacturer's suggested retail price of this motorcycle was $24,500.

only ll8K as of 12/31/00

loss 234K in value on vtwn shares

hal gets a raise to 225K a year, more than herm

it just gets worse

As of December 31, 2000, the Company had not yet obtained the proper resale sales tax exemption certificates for the inventories that were sold to V-Twin as part of the sale of the Retail Division described in Note 2. If the Company fails to obtain the necessary resale sales tax exemption certificates, it could be liable to pay sales tax of approximately $250,000 in connection with the sale.