Unico, Inc. Postpones Date for Annual Meeting.

FREMONT, Calif.--(BUSINESS WIRE)--March 4, 1999--Unico, Inc. (OTC BB:UNRC) announced that its Annual Meeting of Shareholders scheduled for Friday, March 5, 1999 at Unico's corporate offices in Fremont, California has been postponed, pending review and approval of its annual proxy statement materials by the Securities and Exchange Commission.

Shareholders will be notified of the new meeting date once it is scheduled. A new record date for Shareholders entitled to vote at the rescheduled meeting will be announced once the new meeting date is set. In addition, because of the need to establish a new annual meeting date and to comply with NASD requirements, the record date for establishing holders of Unico, Inc. stock entitled to a distribution of Intermountain Refining Co. Inc. stock, which a prior press release announced as February 12, 1999, has been rescinded. A new record date for this specific purpose will be re-established in the near future.

It is still anticipated that, subject to regulatory approval, the major issues to be voted upon at the meeting will be Unico's proposed acquisition of the stock of Multiwave Innovation Pte. Ltd. and the spin-off of Unico's wholly owned subsidiary corporation, Intermountain Refining Co., Inc.

As previously announced both the proposed acquisition and spin-off are aimed at strengthening Unico's primary business, which is the designing, manufacturing and marketing of Internet communications products and computer peripherals. Multiwave is a Singapore company engaged in R&D, design and engineering of innovative high technology products. Intermountain Refining Co. is a New Mexico Corporation involved in energy related activities. The Unico shareholders will also be asked to approve changing the corporate name to Paradise Innovations Technology Corporation and other items requiring a vote.

About Paradise Innovations, Inc.

Paradise Innovations, Inc. is a wholly owned subsidiary of Unico, Inc. (OTC BB:UNRC). Headquartered in Fremont, California, Paradise Innovations designs, manufactures and markets, on a worldwide basis, Internet communication products, video adapter cards, and many other multimedia and computer peripheral products under the globally recognized PARADISE brand name.

Safe Harbor: Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to develop, produce, and market products that incorporate new technology on a timely basis; that are price competitively and achieve significant market acceptance; higher expenses associated with the development and marketing of new products; changes in product mix; risks of dependence on third-party component suppliers; inventory risks due to shifts in market demand; the presence of competitors with broader product lines and greater financial resources; intellectual property rights and litigation; needs for liquidity; and the other risks detailed form time to time in the company's reports filed with the Securities and Exchange Commission.