Upgrade International Corp. Completes $3 Million Financing.Business Editors SEATTLE--(BUSINESS WIRE)--Oct. 1, 2001 Upgrade International Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UPGD UPGD Upgraded ) is pleased to announce that it has received an additional $2.5 million in funding from Antares 2 Pension Fund, managed by Fonditel EGFP EGFP Enhanced Green Fluorescent Protein , SA., and $500,000 from a private European investor. Fonditel is the manager of pension assets for Telefonica, the global telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. operator headquartered in Spain. Daniel Bland, Upgrade's 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. stated the following: "This financing will enable Upgrade and UltraCard to move forward in our efforts to commercialize the UltraCard and deliver many applications including an alternative solution to a central database model for a national ID card system. UltraCard once commercialized will allow for your entire encrypted en·crypt tr.v. en·crypt·ed, en·crypt·ing, en·crypts 1. To put into code or cipher. 2. Computer Science biometrics identification system to be stored on the card, thereby eliminating the need to store and verify your personal ID from a government-controlled central database. Not only does this solve the `Big Brother is watching' concern it also has the potential to drastically reduce the cost of building the database infrastructure. Protecting our borders and our way of life without trampling on our civil liberties should be the number one priority in the information technology business today. We will expend ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. a substantial amount of our resources in fulfilling this obligation." About Upgrade Upgrade International Corp. (http://www.upgd.com/) through its ownership interest in UltraCard Inc. (http://www.ultracard.com/), Efornet Corp., and cQue Corporation is engaged in the development and commercialization of a patented ultra high capacity portable data storage technology. UltraCard's patented method for using existing hard disk storage technology provides both highly durable media in a credit card format and an inexpensive read/write device that together will become the next generation in personal portable data storage for a broad range of existing and new markets. Management believes that the UltraCard technology will potentially provide numerous industrial users with a combination of high levels of security and a vastly greater amount of personal transportable data storage at the lowest cost in the industry. In addition the acquisition and development of existing SmartCard solution providers represents a strategic market strategy designed to accelerate the integration of the vastly superior technology inherent in the UltraCard into existing and newly developing markets. On Behalf of the Board of Directors, Daniel S. Bland President and Chief Executive Officer This News Release may contain 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. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results, performance, plans, events or other matters. Words such as "potentially", "will", "anticipates", "believes", "plans", "expects", "future", "intends", and similar expressions are used to identify these forward-looking statements. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to development of the company's products and services and markets for such products and services, the timing and level of customer orders, competitive products and services and pricing, changes in economic conditions and the markets for the Company's products and services and other risks and uncertainties. Actual results, performance, and events may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this News Release. The Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date of this News Release. Further information about the risks and uncertainties Upgrade faces can be found in its filings with the Securities and Exchange Commission, which can be accessed at www.sec.gov or www.freedgar.com |
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