UNSP was fun a few time over .10
03 now who know maybe a buy now
UNITED SPECIALTIES INC (U-UNSP) - News Release
United Specialties Inc. Creates Wholly-Owned Subsidiary Which is Expected to Generate in Excess of $14 Million of Gross Revenue in First Year of Operations
LONG ISLAND CITY, N.Y. -- (Business Wire) -- March 3, 2004
United Specialties, Inc. (the "Company") (OTCBB:UNSP),
an importer, packer, and distributor of specialty and gourmet foods
and the first importer of fresh truffles into the U.S., today
announced that the Company has approved the creation of a wholly-owned
subsidiary, Gourmet Specialties Int'l Ltd. The subsidiary will be
headed by David Darwish as Chief Executive and Operating Officer. Mr.
Darwish is the owner of a California-based privately-held merchandiser
distributing over 400 specialty food products.
The subsidiary will, over a 60-day period, operate in two
divisions; one which will be the Northeast Domestic Division
generating revenues of approximately $4 million annually with gross
margins approximating 25% and the other will be the Gourmet Food
Import Division which is expected to generate revenues in excess of
$10 million per annum with gross margins approximating 7 1/2%. Both
divisions should continue to operate profitably and have minimal debt.
The subsidiary will assume no debt or liability from United
Specialties, Inc. and no assets of United Specialties, Inc. will be
placed in the subsidiary.
Shareholders will be notified upon the closing of this transaction
and will be provided details of the transaction via press release and
the filing of a Form 8-K with the Securities and Exchange Commission.
The Company concurrently announced that it ultimately plans to
spin-off, to the shareholders of record on or about May 3, 2004,
Gourmet Specialities Int'l, Ltd. into another completely separate
public entity, with an independent Board of Directors, management
team, legal counsel, auditors and transfer agent. In addition, Mr.
Darwish and certain other individuals will receive an aggregate of 50%
of the common stock of Gourmet Specialties Int'l Ltd. The Company's
intention is to seek quotation of the common stock of Gourmet
Specialties Int'l Ltd. on the Nasdaq Over-the-Counter Bulletin Board.
When consummated, United Specialities' shareholders will receive
the same proportionate ownership in the 50% of Gourmet Specialties
Int'l Ltd. owned by the Company as they own in United Specialties at
the time of the spin-off.
Safe Harbor
This announcement contains forward-looking statements that involve
risks and uncertainties, including those relating to the company's
ability to develop and expand its business. Actual results may differ
materially from the results anticipated, and reported results should
not be considered a reflection of future performance. The potential
risks and uncertainties include, among other things, its limited
financial resources, difficulties and risks associated with operating
in foreign jurisdictions, domestic and global economic conditions, and
conditions of the equity markets, More information about the potential
factors that could affect the company's business and financial results
is and will be included in the company's filings with the Securities
and Exchange Commission.
Contacts:
Investor Contact:
DeMonte Associates, New York
Cynthia DeMonte, 212-605-0525
cdemonte@demonte.com |
