Accounting Software 411 View Cart | Login / Register
Jonas Construction Buyer Guide Banner


FREE Accounting Software Search...
I am seeking software for ...

 

News Directory
All News
  Top News
  Mergers & Acquistions
  Product News
  AS411 News
Feature Articles
Events Calendar
 News Feeds

Jonas Construction Buyer Guide Block

  Find Software
  Find a Consultant
  Find Answers/Discuss
  List Your Company
  eNewsletter
  The Insider
  About Us
  Contact Us
  Feedback
   Advertise

Sponsor Message
Ei Dynamics Sky



Date Posted: 1/28/2004

United Systems Technology, Inc. Announces Preferred Stock Redemption

 
 
, Inc. (OTC:USTI - News) announced today that it had redeemed its outstanding Series B and Series E preferred stock, including all accrued and unpaid dividends, for a total cash price of $1,500,000.
"We are pleased to have been able to generate sufficient cash flows from operations in the past few years to allow us to fund continuing operations, the development of competitive products, completion of several acquisitions as well as this payment to retire the remaining preferred stock that has been accruing dividends," commented Tom Gibbs, Chief Executive Officer. The 500,000 shares of Series B preferred stock were issued in October 1988 and had a par value of $1.00 per share. As of December 31, 2003 the Series B preferred stock had accrued and unpaid dividends of $533,800. The 300,000 shares of Series E preferred stock were issued in June 1991 and had a par value of $1.00 per share. As of December 31, 2003 the Series E preferred stock had accrued and unpaid dividends of $263,735. Both series of preferred stock accrued dividends at a rate of $.07 per share per annum.

This Press Release contains forward-looking statements, other than historical facts, which reflect the view of Company's management with respect to future events. Such forward-looking statements are based on assumptions made by and information currently available to the Company's management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, the ability of the Company i) to generate levels of revenue and adequate cash flows from its operations to support and maintain its current cost structure and ii) to develop and deliver products that are competitive, accepted by its markets and are not rendered obsolete by changing technology. The forward-looking statements contained herein reflect the current views of the Company's management with respect to future events and are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.

USTI develops, markets and supports application software for select vertical markets in both the for profit and not for profit sectors. The software applications operate in IBM midrange, network and single user PC platforms. USTI and its subsidiaries have over 2,100 installations in the United States and Canada.



--------------------------------------------------------------------------------
Contact:
United Systems Technology, Inc., Dallas
Randy McGee, 972-402-8600



--------------------------------------------------------------------------------
Source: United Systems Technology, Inc.
 
 


Email Page

Sponsor Message
Jonas Construction Buyer Guide Sky


 

Company Info | Privacy Policy | Terms of Service | Advertise With Us | List Your Company | Contact Us | Help |
Copyright © 2006-20011 Accounting Software 411, LLC. All rights reserved.