Business Services Industry
United Systems Technology, Inc. Announces Extension of Time for Offer to Purchase Shares of Its Common Stock until October 31, 2006
Business Wire, Oct 13, 2006
DALLAS -- United Systems Technology, Inc. (Pink Sheets:USTG) announced today that its Board of Directors' has approved an extension of the period of time for its offer to purchase shares of its common Stock from existing shareholders (the "Tender Offer") to be open until OctoberE[sz]31, 2006. There is no change to any of the other terms of the Tender Offer. The terms of the Tender Offer include the purchase of up to 15,000,000 shares of its Common Stock, par value $.01 per share, at a price of $.08 share, for a total purchase price of up to $1,200,000. The Company reserves the right to purchase up to an additional 20% of shares (equal to an additional 3,000,000 shares). A shareholder may tender all or any portion of the shareholder's shares of Common Stock pursuant to this Tender Offer. The Tender Offer was effective beginning on SeptemberE[sz]15, 2006 and now expires on OctoberE[sz]31, 2006 at 5:00 CST.
Forward-Looking Statements:
This Press Release contains forward-looking statements, other than historical facts, which reflect the view of Company's management with respect to future events. Such forward-looking statements are based on assumptions made by and information currently available to the Company's management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, the ability of the Company (i)E[sz]to generate levels of revenue and adequate cash flows from its operations to support and maintain its current cost structure, and (ii)E[sz]to develop and deliver products that are competitive, accepted by its markets and are not rendered obsolete by changing technology. The forward-looking statements contained herein reflect the current views of the Company's management with respect to future events and are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.
About the Company:
The Company develops, markets and supports application software for select vertical markets in both the for profit and not for profit sectors. The software applications operate in IBM midrange, network and single user PC platforms. The Company and its subsidiaries have over 2,100 installations in the United States and Canada.
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