UPRC -- UniPrime Capital Acceptance, Inc. Com ($0.001)(New)
UniPrime Announces Significant New Project to be Revealed Next Week; Replaces Wind Park Deal
APACHE JUNCTION, Ariz., Nov 1, 2001 (BUSINESS WIRE) -- UniPrime Capital Corporation Inc. (NQB:UPRC) announced today that it has cancelled a previously announced Letter of Intent (LOI) for a partial interest in a California-based wind park ground lease, in favor of a new, yet-to-be-disclosed project.
As a result of a special Board Meeting held yesterday, the decision was made to reject the 3,000 acre Tehachapi Valley ground lease, under a lease controlled by Enron Wind Development Corp., a subsidiary of Enron Corp. (NYSE:ENE). The decision was based in large part due to the very volatile developments and uncertainty surrounding Enron Corp. Based on press reports in the past 10 trading days since UniPrime announced the LOI, Enron has lost over $1 billion of its market capitalization and is facing SEC investigation for reported improprieties. Enron's senior debt has this week been downgraded by Moody's to just above junk status, and as a result, Enron's common stock is now trading at pre-1994 levels.
UniPrime Capital Corporation president and CEO Randy Russo indicated that the company has made strong progress in a very significant new project and will be in a position to announce details as early as next week. "This significant new project will position the company for rapid growth and is expected to be much more beneficial to our company and its shareholders than the previously announced project involving the Enron property," stated Russo.
UniPrime Capital Corporation is a publicly traded investment holding company trading under the symbol UPRC.
CONTACT: UniPrime Capital Corporation
Randy Russo, 480/898-4285
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