UVSL Universal Automotive Industries - Common Stock (MM)

Universal Automotive Industries Announces an Extension Granted by the NASDAQ Listing Qualifications Panel Company Receives 180-Day Extension Concerning Its Continued Listing on the NASDAQ Smallcap Market ALSIP, Ill., Feb. 1 /PRNewswire-FirstCall/ -- Universal Automotive Industries, Inc. (NASDAQ:UVSL) today announced that it has received a 180-day compliance extension from the NASDAQ Listing Qualifications Panel. On July 28, 2004, NASDAQ Staff notified the Company that the bid price of its common stock did not exceed $1.00 per share for the previous 30 consecutive business days, which is not in compliance with Marketplace Rule 4310(c)(4). In accordance with Marketplace Rule 4310(c)(8)(D), the Company was provided with 180 calendar days to comply. The Company received a NASDAQ Staff Determination Notice on January 24, 2004 indicating that its common stock was subject to delisting from the NASDAQ SmallCap Market for failure to comply with NASDAQ's Marketplace Rule 4310(c)(4) relating to minimum bid price requirement. NASDAQ Staff noted that Universal Automotive met all initial inclusion criteria for the SmallCap Market and therefore granted an additional 180 calendar day compliance period concluding July 25, 2005. Universal Automotive's common stock will continue trading on the NASDAQ Stock Market under the symbol UVSL. If, at anytime during the extension, the Company's common stock closing bid price is at least $1.00 per share for a minimum of ten consecutive business days, the Company will receive notice that it is in compliance with Marketplace Rule 4310(c)(4) and is no longer under consideration for delisting. Arvin Scott, Chief Executive Officer of Universal Automotive, stated, "We are pleased that we have been granted this 180 day extension and intend to work very hard to return to compliance as quickly as possible. In light of the exciting growth initiatives underway at Universal Automotive, we have every reason to believe that Wall Street will recognize our efforts and reward our Company with enhanced market support." About Universal Automotive Industries, Inc. Universal Automotive Industries distributes and manufactures brake rotors and other brake parts, under its trademarks UBP -- Universal Brake Parts, Evolution and Ultimate in the United States and Canada and its proprietary Autospecialty, ValuMaxx and PowerStop brands. The Company also provides TRW- branded brake rotors and drums and suspension products. This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, which are intended to be covered by safe harbors created thereby. Such forward-looking statements, including the risks referenced in the Company's filings with the Securities & Exchange Commission, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, may vary from the actual results achieved by the Company. DATASOURCE: Universal Automotive Industries, Inc. CONTACT: Kerri Carothers, Account Executive, of Elite Financial Communications Group, LLC, Investor Relations, +1-407-585-1080, , for Universal Automotive Industries, Inc. Web site: http://www.autospecialty.com/

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