SOURCE: Ulysses Holding Corp.

November 08, 2007 09:01 ET

Ulysses Holding Corp. Directors, President and CEO Approve a Significant Reduction of the Company's Authorized Shares

JACKSONVILLE, NY--(Marketwire - November 8, 2007) - Ulysses Holding Corp. (PINKSHEETS: UHCR) today announced that its Directors, President and CEO have all voted unanimously to reduce the company's authorized shares by a significant margin.

The current authorized shares are 502 Million; the company will file the appropriate resolution with the Secretary of State of Delaware this week to reduce the authorized shares to 12 Million for a total reduction of 490 Million Shares. The company expects the entire process to be completed within 2 to 3 business days.

The 12 Million Authorized Shares will consist of 2,000,000 (restricted for two years in management's control with no conversion options to common) and the 10,000,000 Common Shares 3,400,000 will be in the public float with the remaining Common Shares to be held in the company's Treasury if needed for a deal/acquisition.

"The company has taken this action for several reasons; first it is our belief with the assets coming into the company the current share price does not reflect the asset's value, second we are determined to have as low of a public float as possible thus creating a price per share that would allow us to move the company to a higher regarded trading exchange," said Mr. Young President & CEO

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 an average or better industry margins.

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.

Contact Information

  • Contact:
    Ulysses Holding Corp.
    Investor Relations
    Tel: 1-607-387-7353