UDTC news:
B: UDTC Details Merger with United Communications Hub Inc
B: UDTC Details Merger with United Communications Hub Inc
Ridgeland, MS, AUG 27, 2002 (EventX/Knobias.com via COMTEX) -- United
Trading.com (OTCBB: UDTC) announced on Monday that it 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 the Company, 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 the Company 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 the Company will
assume the position of CFO and remain a member of the board of directors.
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