Upgrade International Reports on Recent Share Price; Upgrade International Reports On Recent Decline in Trading Price of the Company's Stock.Business Editors SEATTLE--(BUSINESS WIRE)--June 5, 2002 Upgrade International Corporation ("Upgrade")(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UPGD UPGD Upgraded ) Mr. Daniel Bland, the 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. of the Company announces that we are not aware of any material change that would cause the recent decline in the trading price Trading price The price at which a security is currently selling. of the Company's stock. As previously provided, the Company has a clearly defined set of tasks and objectives mapped out to provide for the manufacture of the card and read write device and has made excellent progress in that direction so far this year. UltraCard has committed to delivering the functional soft tool unit, which is a five and a quarter, one half high disk drive equivalent box able to read and write to the UltraCard, within the next 60 days. The units could be installed into your personal computer or they may be plugged into your USB port A USB socket on a computer or peripheral device into which a USB cable is plugged. See USB. . These units will be the first commercialized units that we deliver to manufacturers to achieve full scale commercial production. The Company has identified manufacturers and is in the process of completing negotiations with them. It is anticipated that full scale commercial production will commence within six months. Additionally, the Company's strategy is to participate in various applications utilizing our smart card technology with joint venture partners as we begin to develop the many applications that will provide a true value add in the smart card industry that is lacking due to the limited memory capacity inherent in conventional magnetic stripe A small length of magnetic tape adhered to credit cards, badges, permits, passes and tokens. The tape is read by magnetic stripe readers incorporated into ATMs, identification readers and payment terminals. and existing integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for chip smart card technology. The Company has continued to fund operations through the issuance of a series of debt financings Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and is currently in the process of developing further debt agreements. By: Daniel S. Bland, President and CEO About Upgrade Upgrade International Corp. (www.upgd.com) through its ownership interest in UltraCard Inc. (www.ultracard.com), cQue Corporation and EforNet 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. Except for the historical information presented in this document, the matters discussed in this news release contain "forward looking statements" (as such term is defined in 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). These statements can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "intends", "should", or "anticipates" or the negative thereof or other variations thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that or comparable terminology, or by discussions of strategy that involve risks and uncertainties. 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 Section 21B of the Securities Exchange Act or 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, apply to 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. made by the Company. You should not place undue reliance on forward-looking statements. Forward-looking statements involve risks and uncertainties. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These forward-looking statements are based on current expectations, and the Company assumes no obligation to update this information. Readers are urged to carefully review and consider the various disclosures made by the Company in the Company's other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect the Company's business. Further information about these risks and uncertainties Upgrade faces can be found in its filings with the Securities and Exchange Commission, which can be accessed at http://www.sec.gov/ or http://www.freedgar.com/. |
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