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. |
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion