Universal Systems Prepares to Launch Cable Surveying Expedition
July 17 2008 - 9:30AM
Marketwired
BAKER CITY, OR 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
Contact: Kevin Chambers 541-523-0220
info@universalsystemsinc.net
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