NEW YORK, Jan. 27 /PRNewswire/ -- James Zimbler, Chairman of Universal Media Holdings, Inc., (OTC Bulletin Board: UVTF) announced today that the Company has entered into an agreement with Fortune Media, Inc. (OTC Bulletin Board: FMED) to rescind the Asset Purchase Agreement for the purchase of certain assets of Fortune Media, Inc. The recession is due to the determination by the Board of Directors to focus Universal Media Holdings, Inc. on the high-tech areas of the Internet. The former deal did not satisfy the true intent of both parties and did not serve the best interests of the shareholders.
Universal has instead entered into a new Asset Purchase Agreement to purchase two of the assets of Fortune Media, Inc., namely World of Indie.Com, and Dogtown Productions, Inc., and its website www.muzicbiz.com for shares of Universal Media. This Asset Purchase Agreement is expected to be consummated within the next 10 business days.
Additionally, Mr. Zimbler announced that the Company has terminated its Letter of Intent, dated December 29, 1999 wherein it had agreed to purchase certain patents from World Cyberlinks, Inc., pending a review of due diligence. After a review of the due diligence from World Cyberlinks, Inc., a pending lawsuit by a former Director of World Cyberlinks was disclosed. The Board of Directors of Universal have determined that the continuation of the transaction would not be in the best interests of the Company.
Universal is continuing to review several options and is in discussions with other parties regarding other business opportunities and expects to make a major announcement shortly regarding the focus and business of the Company.
For further information regarding the Purchase please contact General Counsel for Universal Media Holdings, Inc., Mr. Michael S Krome, Esq. at 631-863-9898.
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the various Regulatory Authorities having jurisdiction. Smarter PR has been retained to provide public relations services for the above company and as such has received compensation from the company. This compensation may be in the form of cash or securities and/or stock purchase options. Smarter PR and its officers, directors and employees may from time to time have a position in and purchase and sell the securities mentioned. For further information contact a company representative.
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SOURCE: Universal Media Holdings, Inc.
CONTACT: Michael S Krome, Esq., Counsel for Universal Media Holdings, Inc., 631-863-9898 |
