Published:
Universal Systems Prepares to Launch Cable Surveying Expedition
Universal Systems, Inc. (PINKSHEETS: UVSS)
announced today it has purchased a 45 ft. Sea Ray and is outfitting the
vessel with updated radar and specialized surveying equipment. The Company
plans to depart for Alaska and begin a surveying expedition before the end
of the month.
"We are moving forward quickly on the recovery of the cable," stated Mr.
Kevin Chambers, CEO of Universal Systems, Inc. "This first step is to
survey the ocean floor with the GPS coordinates we obtained from our last
visit to Alaska. We will then map out our recovery plan and be ready for
the arrival of the recovery equipment and crew to begin the salvage
operation."
The surveying vessel is currently in San Francisco being outfitted with a
new radar system and will continue to Seattle later this week to obtain
additional equipment needed for the survey and recovery process. The
Company estimates that the remaining barges, tug boats, cranes, etc. will
begin arriving in early August.
The Company purchased the rights to salvage the communications cable known
as the Alaska Communication Submarine Cable in early January 2008 in
exchange for a convertible debenture in the face amount of $102 Million to
the holders of the submarine rights. The debenture is convertible into UVSS
common shares at (1) share for each $10.00 of debenture principal.
Accordingly, the Company will be issuing a total of 10.2 Million shares
upon conversion of the debenture.
Mr. Chambers added, "The cable extends approximately 4,850 miles from the
Southern Coast of California, towards the Alaskan Islands along the west
coast of the United States with an approximate total copper weight of
37.5/lbs. per foot. The copper value becomes staggering when you compare
the per-foot weight with a recent Kitco Base Metals index price for copper
of approximately $3.70 per/lb."
About Universal Systems, Inc.
Universal Systems, Inc. (USI) is a publicly traded holding company focused
on providing economically and ecologically viable water and wastewater
treatment solutions. USI offers a FULL SERVICE turn-key water treatment
services, specializing in "slop oil" and CBM (Coal Bed Methane) produced
water.
In 2007, USI obtained an exclusive worldwide licensing agreement to provide
slop oil and processed wastewater treatment services to the oil industry.
The company's mission is to become the leader in the development and
delivery of cost effective slop oil and processed wastewater treatment. USI
joined Powell Water Systems, Inc. (PWS) and Water Solutions, LLC (WS) to
bring PWS's patented electrocoagulation technology to the oil industry,
making large flow waste oil, and water treatment efficient and cost
effective.
More recently, USI has discovered the immediate need to become involved in
building, owning, and operating central produced water processing
facilities. This service is widely needed wherever natural gas is produced;
the diminished capacity to handle processed water from natural gas
production is causing some production wells to be shut in until
alternative-treating plants can be brought on line. As tougher water
discharge regulations are being imposed, the need is becoming even greater.
USI's business plan for expansion includes the purchase or acquisition of
other specialized trade service companies that will complement and enhance
the overall product and service offering of the company.
Safe Harbor Statement Under The Private Securities Litigation Reform Act Of
1995:
The Private Securities Litigation Reform Act of 1995 (the "Reform Act")
provides a "safe harbor" for forward-looking statements to encourage
companies to provide prospective information, as long as those statements
are identified as forward-looking and are accompanied by cautionary
statements identifying important factors that could cause actual results to
differ materially from those discussed in the forward-looking statements.
Universal Systems, Inc. desires to take advantage of the safe harbor
provisions of the Reform Act. All future written and oral forward-looking
statements attributable to the Company or any person acting on its behalf
are expressly qualified in their entirety by the cautionary statements
contained or referred to above. New risks and uncertainties arise from time
to time, and it is impossible for the Company to predict these events or
how they may affect the Company. We assume no obligation to update any
forward-looking statements as a result of new information, future events or
developments, except as required by federal securities laws. In addition,
it is our policy generally not to make any specific projections as to
future earnings, and we do not endorse any projections regarding future
performance that may be made by third parties.
Universal Systems, Inc. is traded on the OTC Exchange under the symbol
UVSS. More information is located at the web-site
www.universalsystemsinc.net
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