Universal Systems and Atlas Monetary International Trust Complete Joint Venture Agreement
October 06 2008 - 9:00AM
Marketwired
Universal Systems, Inc. (PINKSHEETS: UVSS) is pleased to announce
today that it has successfully signed a joint venture agreement
with Atlas Monetary International Trust. The agreement encompasses
several initiatives that are core to the Atlas mission. The first
component of the agreement has been defined and awards to USI a
contract for the design and production of a marine system for
cleaning petroleum spills at the point of the spill. USI was
selected by Atlas Trust for this joint venture based on the
performance of its electro-coagulation systems and the
environmental focus of the corporation. The patented technologies
employed in these systems give them unrivaled volume flow
performance and the ability to remove even the smallest traces of
petroleum and other contaminants from seawater, potentially leaving
it cleaner than it was before the spill. Discussions are underway
that will award additional contracts to USI for environmental
projects that are on the Atlas Trust strategic roadmap.
Atlas Trust will immediately purchase 8,000,000 shares of
Universal common stock for a price of $25.00 per share, equaling
$200,000,000 USD. This infusion of capital will enable Universal
Systems to move forward with design of the marine-based
electro-coagulation equipment and to take over the contract from
Ocean Vacuum Corporation to produce ocean platforms to be used for
clean up and recovery of oil spills and contaminated water. The
contract calls for the design, manufacturing and assembly of
approximately 16,000 ("Sixteen Thousand") units. The contract
ceiling currently stands at $2.4 billion (USD); however this number
will increase to cover the full projected cost of all systems when
the final production cost is determined. Engineering will start
immediately and a prototype system will be available for test
within 9-months. A large portion of the assembly will take place in
Puerto Rico while design, engineering and the building of the
working prototype will take place in Baker City, Oregon. Universal
has initiated negotiations for the purchase of several large blocks
of real estate with existing buildings to accommodate its new cast
of employees. Universal plans to move its head quarters there as
well in order to consolidate operations and its other products.
Production units will be leased to major oil companies and stored
on their large oil tankers to act as a first line of defense for
decontamination at the point of spill, should one occur. Had these
systems been available at the time of the Valdez oil spill in
Alaska the majority of the environmental effects felt through the
release of millions of gallons of oil into the ocean could have
been prevented.
Reflecting on the signing of the joint venture agreement with
Atlas Trust, Mr. Kevin Chambers, CEO of Universal Systems,
commented, "This agreement is the thread tying together the
environmental technologies accumulated by USI over the past several
years. These years have been spent in building a unique capability
to make an impact on the state-of-the art in environmental cleanup.
With the signing of this agreement, the long-standing vision is
realized and USI stands fully empowered for execution. This is a
momentous occasion for USI and for all who have wished for better
ways to mitigate the damage of environmental mishaps on our oceans,
beaches and marine life. And this is only the beginning!"
About Universal Systems, Inc.
Universal Systems, Inc (USI) is a publicly traded holding
company focused on providing economically and ecologically viable
water and wastewater treatment solutions. USI offers FULL SERVICE
turn-key water treatment services, specializing in "slop oil" and
CBM (Coal Bed Methane) produced water.
In 2007, USI obtained an exclusive worldwide licensing agreement
to provide slop oil and processed wastewater treatment services to
the oil industry. The company's mission is to become the leader in
the development and delivery of cost effective slop oil and
processed wastewater treatment. USI joined Powell Water Systems,
Inc. (PWS) and Water Solutions, LLC (WS) to bring PWS' patented
electrocoagulation technology to the oil industry, making large
flow waste oil, and water treatment efficient and cost
effective.
More recently, USI has discovered the immediate need to become
involved in building, owning, and operating centrally produced
water processing facilities. This service is widely needed wherever
natural gas is produced; the diminished capacity to handle
processed water from natural gas production is causing some
production wells to be shut in until alternative-treating plants
can be brought on line. As tougher water discharge regulations are
being imposed, the need is becoming even greater.
USI's business plan for expansion includes the purchase or
acquisition of other specialized trade service companies that will
complement and enhance the overall product and service offering of
the company.
Safe Harbor Statement Under The Private Securities Litigation
Reform Act Of 1995:
The Private Securities Litigation Reform Act of 1995 (the
"Reform Act") provides a "safe harbor" for forward-looking
statements to encourage companies to provide prospective
information, as long as those statements are identified as
forward-looking and are accompanied by cautionary statements
identifying important factors that could cause actual results to
differ materially from those discussed in the forward-looking
statements. Universal Systems, Inc. desires to take advantage of
the safe harbor provisions of the Reform Act. All future written
and oral forward-looking statements attributable to the Company or
any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to
above. New risks and uncertainties arise from time to time, and it
is impossible for the Company to predict these events or how they
may affect the Company. We assume no obligation to update any
forward-looking statements as a result of new information, future
events or developments, except as required by federal securities
laws. In addition, it is our policy generally not to make any
specific projections as to future earnings, and we do not endorse
any projections regarding future performance that may be made by
third parties.
Universal Systems, Inc. is traded on the OTC Exchange under the
symbol UVSS. More information is located at the web-site
www.universalsystemsinc.net.
Contact: Kevin Chambers 541-523-0220
info@universalsystemsinc.net
Universal Systems Inc Wa... (CE) (USOTC:UVSS)
Historical Stock Chart
From Oct 2024 to Nov 2024
Universal Systems Inc Wa... (CE) (USOTC:UVSS)
Historical Stock Chart
From Nov 2023 to Nov 2024