SOURCE: Unico, Inc.

Unico, Inc.

November 27, 2009 11:42 ET

Unico, Inc. Posts Notice on Proposed Settlement of Derivative Action on Corporate Website

SAN DIEGO, CA--(Marketwire - November 27, 2009) - Unico, Incorporated (OTCBB: UNCO), a natural resource company in the precious metals mining sector, today posted on its corporate website a Notice of Pendency and Settlement of Derivative Action in the case of Sullivan, et al v. Brown, et al (Case No.: 37-2008-00089801-CU-PN-CTL) filed in the San Diego Superior Court, Central Division. The Summary Notice also included on the website reads as follows:



Sullivan, et al v. Brown, et al
Re: Unico, Inc.

Case No.: 37-2008-00089801-CU-PN-CTL
San Diego Superior Court, Central Division


PLEASE TAKE NOTICE that the above shareholder derivative litigation filed on August 14, 2008 is being settled. In the derivative action, certain shareholders allege that defendants engaged in wrongdoing which resulted in the issuance of shares of Unico common stock for inadequate consideration. The defendants deny the allegations. The directors and officers of Unico maintain they have always acted in the best interests of the corporation and its shareholders. To avoid the expense, inconvenience, and uncertainty of further litigation, the parties have agreed to settle the shareholder derivative action.

Under the Settlement, Unico has adopted a variety of corporate governance measures relating to the allegations in the litigation. Defendants have agreed to pay a maximum amount of $850,000 to Unico, less attorneys' fees, expenses and incentive award to the extent ordered by the Court in accordance with the settlement. Defendants, including certain Unico officers and directors are being released from liability.

On February 5, 2010, at 10:30 a.m., a Settlement Hearing will be held before Honorable Yuri Hofmann at the following location:

San Diego Superior Court, Central Division
Hall of Justice, Department 60
330 West Broadway, San Diego, California 92101

At the hearing the Court will determine: (1) whether the Settlement should be approved as fair, just, reasonable and adequate; (2) whether Plaintiffs' Counsel's attorneys' fees, costs and expenses should be approved; and (3) whether the above-captioned action should be dismissed on the merits and with prejudice.

IF YOU ARE A CURRENT OWNER OF UNICO COMMON STOCK YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THE LITIGATION. A more detailed form of notice describing the Settlement may have already been mailed to you. If you have not received the detailed notice, you may obtain a copy of it on Unico's website at, or by identifying yourself as a current owner of Unico common stock and writing to:

Kenneth C. Wiedrich, CFO
Unico, Incorporated
8880 Rio San Diego Drive, 8th Floor
San Diego, California  92108

Inquiries, other than requests for the detailed form of notice, may be made
to Plaintiffs' Counsel:

Vincent D. Slavens
Krause Kalfayan Benink & Slavens, LLP
625 Broadway, Suite 635
San Diego, CA 92101


About Unico, Inc.

Unico, Inc. (OTCBB: UNCO) is a publicly traded natural resource company in the precious metals mining sector that is focused on the exploration, development and production of gold, silver, lead, zinc, and copper concentrates at its two mine properties: the Deer Trail Mine and the Silver Bell Mine. Unico has also announced agreements to acquire over 70 additional mining claims in the area of the Deer Trail Mine including the Clyde and Crown Point mining claims. For more information, please visit

Forward-Looking Statements: This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the company and its operations, are included on certain forms the company files with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Gemini Financial Communications, Inc.
    Investor Relations
    Email Contact