United Ventures Group, Inc. Elects to Postpone Transactions Contemplated by a Private Equity Line of Credit Agreement.Business & Fashion Editors NEW YORK--(BUSINESS WIRE)--Oct. 17, 2000 United Ventures Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: UVGI UVGI Ultraviolet Germicidal Irradiation UVGI Underground Videogaming International ) and a private investor under a $36,000,000 private equity line of credit agreement have agreed to postpone their respective obligations under such agreement until market conditions change and the Company's stock price increases. The company is also in advanced discussions regarding alternative financing and is committed to procuring financing on terms that would be most beneficial for the company and its shareholders. Mr. Isaac Nussen, President and Chief Executive Officer, stated, "As shareholder value is at the forefront of our decisions, we felt it best not to move forward with the private equity line of credit agreement at this time in order to minimize dilution which has been a large concern amongst our shareholders. At this stage we are most focused on executing initiatives to bring more value to our company. We are focused on securing additional distribution agreements to be a major source of revenue for the company and consequently increase value." UVGI, a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is a jewelry designer, manufacturer, and distributor. The Company's product line includes a wide assortment of 14-karat gold jewelry along with the newly added diamond, pearl and platinum jewelry lines. This press release contains forward-looking statements made pursuant to the 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. provisions 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. Expression of future goals and similar expressions reflecting something other than historical fact involve risks and uncertainties. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. |
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