United Leisure Corporation Announces $25,000,000 Private Placement
29 Jul 2002, 08:06am ET
LOS ANGELES--(BUSINESS WIRE)--July 29, 2002--United Leisure
Corporation (OTCBB:UTDL), a developer and marketer of interactive
control technologies through its wholly owned subsidiary, United
Internet Technologies (UIT), today announced that it had executed an
agreement under which United Leisure would sell in a negotiated
private placement, a control block of its common stock for $25,000,000
cash or $.50 per share to Dr. Andreas Ohle, a German investor. The
consummation of the transaction is subject to certain conditions,
including the increase of United Leisure's authorized common stock to
100,000,000 shares by the filing with the Securities and Exchange
Commission and then the mailing of an information statement to its
stockholders. The amendment to the company's certificate of
incorporation to increase its authorized common stock to enable the
transaction to take place has been approved by the written consent of
the holders of a majority of the outstanding shares of common stock as
required by Delaware Law. Under the agreement, the purchase price is
to be placed on deposit with the company on or before August 27, 2002.
The closing of the private placement will occur as soon as the company
is able to comply with the applicable securities laws.
Brian Shuster, Chairman of the Board, President and Chief
Executive Officer of United Leisure, stated, "The large private
placement has been under discussions for several months." Mr. Shuster
went on to say that all of the companies' stockholders would benefit
from the transaction because it would place United Leisure on a new
level to carry out the continued development and exploitation of the
technologies and products developed by UIT and also provide the
ability to expand other technology development activities.
Dr. Andreas Ohle, the new investor from Hamburg-Germany commented,
"I am very excited about the company's technologies and the marketing
possibilities around the world. We believe in the many global
applications of United Internet Technologies, Inc. With our cash
infusion, we will help take these products to the market in a much
more aggressive fashion."
About United Leisure Corporation
United Leisure Corporation, through its wholly owned subsidiary
United Internet Technologies (UIT), is engaged in the business of
developing and marketing technologies that allow a wide range of
electronic devices, such as toys, medical devices, networked
appliances and consumer electronics, to communicate and be controlled
over the Internet and over other digital systems, such as cable,
television and wireless networks. The Company has developed several
proprietary technologies including, Intelligent Control Interactive
Technology (I-C-IT(TM)). These technologies enable businesses to
transition their traditional product lines into the interactive world.
United Leisure's goal is to create solutions for specific business
sectors by customizing the I-C-IT platform, allowing it to be embedded
in a wide range of electronic products. These intelligent, network
controlled "smart devices" allow businesses and content producers to
form a direct link between consumers, adding a dynamic aspect to the
consumer relationship and creating the potential for incremental
subscriptions, e-commerce, upgrade and advertising revenue. I-C-IT is
marketed under the slogan "the smart in smart devices"(TM).
This news release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
regarding the Company's business strategy and future plans of
operations that are subject to risk and uncertainties both general and
specific to the matters discussed in this news release including the
Company's ability to successfully establish strategic partnerships and
to license its animatronic devices control technologies to third party
manufacturers, the Company's ability to fulfil the remaining
requirements of its patent application with the USTPO to receive
issuance of a patent grant, the Company's ability to deliver its
technologies in a timely, efficient and profitable manner, and the
threat of competition from other technologies which may adversely
affect the Company's ability to generate significant revenues from its
core technology business. These and other important factors, including
those mentioned in various Securities and Exchange Commission filings
made periodically by the Company, may cause the Company's actual
results and performance to differ materially from the future results
and performance expressed in or implied by such forward-looking
statements. The forward-looking statements contained in the news
release speak only as of the date hereof and the Company expressly
disclaims any obligation to provide public updates, revisions or
amendments to any forward-looking statements made herein to reflect
changes in the Company's expectations of future events.
CONTACT: United Leisure Corporation
Brian Shuster, 310/441-0900
KEYWORD: CALIFORNIA GERMANY INTERNATIONAL EUROPE
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS INTERNET
TELECOMMUNICATIONS E-COMMERCE
SOURCE: United Leisure Corporation |
