SOURCE: Ulysses Holding Corp.

January 08, 2008 09:14 ET

Ulysses Holding Corp. Directors, President and CEO Approve an Additional Reduction of the Company's Authorized Common Shares

JACKSONVILLE, NY--(Marketwire - January 8, 2008) - Ulysses Holding Corp. (PINKSHEETS: UHCR) today announced that its Directors, President and CEO have voted unanimously to reduce the company's authorized shares by an additional 2 Million Shares.

The current authorized shares are 12 Million; the company will file the appropriate resolution with the Secretary of State of Delaware this week to further reduce the authorized shares from 12 Million to 10 Million for a total additional reduction of 2 Million Shares. The company expects the entire process to be completed within 2 to 3 business days.

The 10 Million Authorized Shares will consist of 2,000,000 (restricted for two years in management's control with no conversion options or warrants to common) and 8,000,000 Common Shares. The company had previously announced that it was considering this action and now will do so.

"The company is taking this action to jump start its share price as it is management's belief that with the current revenues and assets of the company, the share price is not in line with the value of the company; in addition, with current additional assets coming into the company, this move will help the share price. The company is in a unique situation as it does not need to raise capital by selling shares as it is the intent of the company to use debt financing (already in place) to finance additional acquisitions and opening of new stores," said Mr. Young, President & CEO.

Mr. Young also stated, "The balance of common shares will remain in the company's treasury as a cushion for any possible acquisition that may require shares; if any shares are required for an acquisition they will only be issued as restricted."

About Ulysses Holding Corp.:

Ulysses Holding Corp. is a start-up retail optical holding company with an aggressive plan towards rapid expansion and revenue growth within the next 12 months. The company will focus only on profitable outlets with average or better industry margins.

Current Corporate Share Structure:

2,000,000 Preferred Shares Outstanding

4,148,462 Common Shares Outstanding In The Public Float

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

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