United Trading.com Signs Letter of Intent for Merger With UC HUB
Business Editors & High-Tech Writers
IRVINE, Calif.--(BUSINESS WIRE)--Aug. 26, 2002--James G. Brewer,
president and CEO of United Trading.com (OTCBB:UDTC), today announced
that the company has signed a Letter of Intent to merge with the
privately held United Communications Hub Inc. ("UC HUB"). Under the
terms of the Letter, UC HUB will become a wholly owned subsidiary of
United Trading, following the closing of the merger transaction.
The transaction includes an investment by United Trading.com,
giving UC HUB 78% ownership of the merged company. Should United
Trading.com be unable to arrange for financing as outlined in the
Letter of Intent, UC HUB shareholders will hold 90% of the stock in
the merged entity.
Once the merger is finalized, the new company will operate under
the UC HUB name. UC HUB's president and CEO is Larry Wilcox, an
award-winning international producer of TV shows and the former star
of two long-running TV series. After founding UC Hub in 1999, Wilcox
was instrumental in leading the design of the software and the
hardware for the next phase of digital distribution.
Following the merger, Wilcox will hold the position of CEO,
president, and chairman of the board with the new company. James
Brewer of United Trading will assume the position of CFO and remain a
member of the board of directors.
Brewer commented on the merger, saying: "United Trading.com has a
tradition of being on the forefront of innovation. We continually
challenge ourselves to be on the cutting edge in our acquisition
program. UC HUB has existing revenues, a strong customer base, and an
excellent spokesman in Larry Wilcox. This merger will be good for both
companies and we look forward to working together."
About UC HUB Inc.
UC HUB is a privately held California Corporation located in
Pasadena, Calif. UC HUB's strategic architecture includes teaming
with municipalities, utility companies, cable companies, affinity
groups, and software companies to offer bundled services to Digital
Cities and the existing customer base through UC HUB's unique
integrated digital distribution technology represented as a Digital
Access Hub.
UC HUB is seeking to expand its Digital City distribution of
enhanced services domestically as well as internationally with
development underway to commence business activity in strategic
digital cities. Initial offering of services may include a robust
digital city offering encompassing C.H.E.E. (Communications, Health,
Education and Entertainment).
These loyalty-based community services will be identified and
authorized for electronic processing through the patented UC Hub Smart
Card and Digital I.D. tag. Distribution of bundled services could be
offered to residences, businesses and kiosks via the Community Digital
Access Hub. This should result in a very integrated community with
multiple portals and access points for services. For additional
information, visit: uchub.net.
About United Trading.com
United Trading.com will engage in the off-premise ATM (Automated
Teller Machines) kiosk management business. The pending acquisition of
Quick Draw ATM will give United Trading.com a base of 40 ATMs
throughout the United States and an established revenue stream.
Management will then focus on other acquisition targets in the United
States, possibly considering overseas markets as opportunities present
themselves. United Trading.com's five year goal is to own and operate
5,000 ATM kiosks, generating annual transaction fee revenue of $80
million.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Statements contained in this document that are not
historical fact are forward-looking statements based upon management's
current expectations that are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth
in or implied by forward-looking statements. The company is not
required to update its forward-looking statements.
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CONTACT: Ellshay, LLC
Mark Ehrlich, 858/350-3114 |
