Upgrade International Corporation Responds to Recent Article in Financial Press
BLAINE, Wash.--(BUSINESS WIRE)--Feb. 14, 2000--Upgrade International Corp. (OTCBB:UPGD - news) makes this public statement concerning market reaction to a recent negative press article regarding the Company.
Responding to today's decline in the stock price of Upgrade International Corp., President and Chief Executive Officer Daniel Bland issued the following statement:
``The solid underlying fundamentals of our company that have attracted strong market support are unchanged and it is obvious that the decline was precipitated by a story in the financial press.
``We take strong exception to the inferences and conclusions made in the article. Upgrade is in full compliance with all Securities and Exchange Commission (SEC) regulations and, in fact, will file necessary filings with the SEC well before this year's May deadline.
``While it is true that the Company is not required to file 10K and 10Q's at this time, Upgrade and its three subsidiaries have undertaken an expansive audit with a nationally recognized accounting firm. Furthermore, the Company has been diligently pursuing all reporting obligations under federal and state securities laws.
``Upgrade's success is based upon its ownership of proprietary, cutting-edge technology in smart cards, which has been labeled revolutionary by many industry experts. As a leader in the rapidly expanding smart card industry, Upgrade is well positioned to capitalize on a market that is expected to triple sales to $30 billion within the next few years.'
Upgrade International Corporation, through its 50% ownership interest in UltraCard Inc., is engaged in the development and commercialization of a patented, revolutionary data storage technology. The UltraCard technology is a combination of proprietary magnetic and non-magnetic layers deposited on the card's surface in place of or in addition to the magstripe. The card consists of a specially formulated base material, followed by magnetics and topped off by a cohesion of extremely durable protective layers, including the addition of the Ampex Keepered media. The resulting UltraCard product has a mechanical durability many times greater than any other card storage device. Additionally the card is between eight and ten times more resistant to demagnetization than ordinary magstripe cards.
On Behalf of the Board of Directors,
Daniel Bland, President
This News Release may contain forward-looking statements relating to future results, performance, plans, events or other matters. Such statements involve numerous risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of the Company's products and services and markets for such products and services, the timing and level of customer orders, competitive products and services and pricing, changes in economic conditions and the markets for the Company's products and services and other risks and uncertainties. Actual results, performance and events may differ materially. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as of the date of this News Release. The Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date of this News Release.
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