Printer Friendly
The Free Library
5,678,911 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Majestic Safe-T-Products Shareholders to Own 90% of ARS Networks, Inc.; BUGS Shareholdings Now Valued at Approximately $1.6 MM.


Business Editors

CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 31, 2003

USM USM
abbr.
1. United States Mail

2. United States Mint

USM n abbr (= United States Mint) → US-Münzanstalt (= United States Mail) → US-Postbehörde
 Capital Group, Inc. (UCGI), the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.
 subsidiary of U.S. Microbics Inc. (OTCBB OTCBB

See OTC Bulletin Board (OTCBB).
:BUGSE) announced today that its client, Majestic Safe-T-Products, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (MSPL MSPL Maximum Sound Pressure Level
MSPL Microsoft Permissive License
), has signed a Letter of Intent with ARS Networks, Inc. (OTCBB:ARSN ARSN Arkansas Razorback Sports Network ) which will give MSPL shareholders 90% ownership of the common stock of ARSN after the transaction is completed.

Under the terms of the Letter of Intent, shareholders of MSPL will own 90% of the stock in ARSN after a 1 for 50 reverse split of ARSN stock. U.S. Microbics and USM Capital own approximately 27% of MSPL and estimate their combined holdings to be 5 MM shares after the transaction is complete. U.S. Microbics previously declared a dividend distribution of MSPL stock to BUGS shareholders of record as of August 30, 2002.

"We are delighted to convert our shareholdings of MSPL into restricted stock of a public company with a quoted market value and we believe that this transaction is in the best interest of BUGS shareholders and planned recipients of the MSPL dividend distribution," noted Robert C. Brehm, 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 U.S. Microbics. "Once the transaction has been completed, BUGS will work with MSPL to determine the pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share.

In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them.
 portion of ARSN stock to be distributed in place of MSPL stock to BUGS shareholders of record for August 30, 2002. The ARSN stock will be distributed after an SEC registration for the stock becomes effective. Based upon the current stock price of ARSN and a 1 for 50 reverse split, the dividend distribution is valued at approximately $600,000 and BUGS residual shareholdings are valued at $1,000,000."

Majestic Safe-T-Products, Ltd. has three major products including the SAFE-T-BAR(TM), the Glove Box glove box
n.
An enclosed workspace equipped with gloved openings that allow manipulation in the interior, designed to prevent contamination of the product, the environment, or the worker.
, and the REFILTER(TM), a patent pending, recyclable diesel exhaust filtration system. See http://www.m-stp.com for further information.

About U.S. Microbics, Inc. & USM Capital Group

U.S. Microbics is a business development and holding company that facilitates and develops the deployment of environmental technologies through its two divisions, USM Solutions and USM Capital. The Company has holdings in more than eight corporations, including five majority owned subsidiaries.

For further information about U.S. Microbics and USM Capital, contact Justin Keener of USM Capital Group at 760/918-1860, ext. 128 or investor@bugsatwork.com; or learn about the company by visiting its web site at www.bugsatwork.com. To join the company's mailing list, please send your name and email address or fax number to investor@bugsatwork.com.

The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect," or similar expressions that involve risks and uncertainties. These risks and uncertainties include the Company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The Company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis Management's discussion and analysis (MD&A)

A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial
 or Plan of Operation" and other sections of the Company's Form 10-KSB and other publicly available information regarding the Company on file with the Securities and Exchange Commission. The Company will provide you with copies of this information upon request.
COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Jan 31, 2003
Words:564
Previous Article:AVI NEUGENE Antisense Drug Increases Effectiveness Of Chemotherapy in Treating Lung Cancer.
Next Article:Avcorp Provides Financing Update.
Topics:



Related Articles
Meese Nostre-Dame. (Andrew Parrott, Taverner Consort and Choir)
Smelly spray signals free lunch for flies. (stinkbugs and milichiids)
Bugs for hire: siccing good insects on bad ones. (beneficial insects; includes related article)(Cover Story)
Art to Finnish. (Ars 95 exhibition, Finland)
Mauling mosquitoes naturally. (research advances in natural pest control)
IN BRIEF.(BUSINESS)
BUGS Declares Dividend in Stock from Merger/Spin-Off -- BUGS Shareholders to Own Part of Environmental Safety Products Company.
SR. Teleperformance acquires 92.5 percent of MM Group.(Happenings ...)(Brief Article)
A selection of hand-held radios.(armada[c])
Cool-water wash for eggs can inhibit microbial contamination.

Terms of use | Copyright © 2009 Farlex, Inc. | Feedback | For webmasters | Submit articles