UVSL Universal Automotive Industries - Common Stock (MM)

Universal Automotive Announces Results of Annual Meeting - Integration of Assets Purchased From TRW Automotive Proceeding on Track - ALSIP, Ill., June 22 /PRNewswire-FirstCall/ -- Universal Automotive Industries, Inc. (NASDAQ:UVSL), at its annual meeting, today announced that shareholders elected the following five directors to serve until the 2005 annual meeting of shareholders: Arvin Scott, Dennis L. Kessler, M. Catherine Jaros, Zemin Xu and Alan Zeffer. The company also said that shareholders approved its 2004 long-term incentive plan. Arvin Scott, president and chief executive officer, said the integration of the company's acquisition in January 2004 of certain assets of TRW Automotive, which doubled the size of Universal, is on track and proceeding smoothly. He said approximately $5 million in cost savings have been identified and are expected to be realized by the end of the year. "We completed Phase I of the integration process ahead of schedule and on budget," Scott said. "Facilities were consolidated, and workforce reductions were effected. We are now nearing completion of the second and final phase, focusing on information technology. The transaction already is providing improved efficiencies, economies of scale and new opportunities for growth." About Universal Automotive Industries, Inc. Universal, headquartered in the Chicago area, 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 under 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 hereby. Such forward-looking statements, including, but not limited to, realizing $5 million in cost savings by the end of the year, as well as improved efficiencies, economies of scale and growth opportunities, involve known and unknown risks, uncertainties (including those risk factors referenced in the company's filings with the Securities and 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 of the company expressed or implied by such forward-looking statements. DATASOURCE: Universal Automotive Industries, Inc. CONTACT: Robert W. Zimmer of Universal Automotive Industries Inc., +1-708-293-4050 ext. 227; or Roger S. Pondel of PondelWilkinson Inc., +1-323-866-6006, for Universal Automotive Industries, Inc.

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