American Utilicraft Corporation Spins-Off Utilicraft Aerospace Industries, Inc.; New Company Announces $34 million Funding Commitment.LAWRENCEVILLE, Ga. -- Second graph, first sentence should read "Upon completion of the transaction, existing shareholders of AMUC AMUC Acta Mathematica Universitatis Comenianae will receive one share of Utilicraft Aerospace Industries Utilicraft Aerospace Industries is an aircraft company created in December 2004 by the reorganization of American Utilicraft Corporation. Now based in Albuquerque, New Mexico, their sole product is the model FF-1080-300ER, a short-haul cargo (freight feeder common stock for each share of AMUC held of record as of February 15, 2005," sted "Upon completion of the transaction, existing shareholders of AMUC will receive one share of Utilicraft Aerospace Industries common stock for each share of AMUC held of record as of February 15, 2004..." The corrected release reads: AMERICAN UTILICRAFT CORPORATION SPINS-OFF UTILICRAFT AEROSPACE INDUSTRIES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .; NEW COMPANY ANNOUNCES $34 MILLION FUNDING COMMITMENT FOR FF-1080 AIRCRAFT American Utilicraft Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AMUC) -- American Utilicraft Corporation (AMUC), is spinning-off Utilicraft Aerospace Industries, Inc., a newly-formed Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , as part of an agreement with The Navajo Nation. The Navajo Nation will invest $34 million, pending legislative and other approvals, in exchange for a 25% stake in the new company. The funds will be used for Phase I FAA certification for the FF-1080-300 freight feeder aircraft. Upon completion of the transaction, existing shareholders of AMUC will receive one share of Utilicraft Aerospace Industries common stock for each share of AMUC held of record as of February 15, 2005 and non-management shareholders will own 24% of the new company. John J. Dupont, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Utilicraft Aerospace Industries, and Darby Boland, Vice-President and General Manager of the new company, will own 51% of the company's common shares, as required by contracts with its chief customers. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this press release involve risks and uncertainties and reflect the company's current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may materially differ from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements: the company's ability to obtain and fulfill contracts for the sale of products, protect intellectual property rights and manage future growth; market acceptance of future products; product supplier delays; design and engineering certification delays or denials; and the introduction of similar products by competitors. Any forward-looking statement made in this press release is made as of the date of this press release, and the company assumes no obligation to update any such forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect the company's business. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion