SOURCE: Universal Capital Management

Universal Capital Management

December 16, 2009 16:00 ET

Universal Capital Management Sends Open Letter to Shareholders Regarding Update on Miccoworld

WILMINGTON, DE--(Marketwire - December 16, 2009) - Universal Capital Management (OTCBB: UCMT)

Dear Shareholder,

In our most recent shareholder update, (News To Share, September 2009), I promised you an update on Miccoworld, one of our portfolio companies.

Universal Capital Management (OTCBB: UCMT) added Miccoworld as a portfolio company in July 2008 because we believed in the company's business plan and, more specifically, in its relationship with Fuzebox Inc. Fuzebox is a leading IT solutions company led by an accomplished management team with a very successful track record. To the best of our knowledge Miccoworld is having difficulty in securing a licensing right to the brand relationship software being developed by Fuzebox. Therefore, at this time we are uncertain as to the direction Miccoworld is going with its business plan.

In light of this recent development a new entity called Mediavix has been created and remains our latest portfolio company. Mediavix will have the licensing rights to the leading edge brand relationship platform being developed by the Fuzebox team. Mediavix will be lead by top-notch executives. Paul Wright is the primary driving force behind recent enhancements to the brand relationship platform. Paul previously founded 2 successful companies, produced 2 short documentaries, and generated revenue and value on the creative, financial and analytics sides of the media industry. Marjorie DeHey Daleo has a law degree from California Western School of Law and an MBA from the University of California, Los Angeles - The Anderson School of Management. Marjorie has experience in rights acquisitions, entertainment and digital media strategies, and competitive intelligence. Les Ottolenghi, Co-Founding Partner at Fuzebox, Inc., has agreed to serve on the board of directors for Mediavix. "I am thrilled to have these two highly accomplished professionals running Mediavix," says Ottolenghi.

Mediavix recently signed a management agreement with Universal Capital Management. "A successful business depends on identifying a problem, building the solution to address the problem, and then finding the right managers to aggressively execute the business plan. Mediavix has done exactly that, and I am very proud to welcome Mediavix to our family of portfolio companies," said Robert Oberosler, President UCM.

"We have a very compelling story and investor opportunity," says Michael Queen, UCM Chairman & CEO. "Knowing the business plan and the potential for significant profitable revenue in the Company's early stages, we have decided it is in the best interest to take Mediavix to the public markets as quickly as possible. This will allow them to have access to larger pools of capital financing as they quickly grow their client base and make timely acquisitions to build the brand and expand the platform."

For more information on Mediavix and investment opportunities please feel free to contact Universal Capital Management at 302-998-8824, Paul Wright (pwright@mediavix.com) or Marjorie Daleo (mdaleo@mediavix.com) at 800-670-6293.

Please note: Miccoworld continues to be a UCM holding. We will update our investors as new developments become available.

Sincerely,
Robert Oberosler
President & COO
Universal Capital Management

About Universal Capital Management, Inc.

Universal Capital Management, Inc. is a publicly traded business development company under the Investment Act of 1940. Its purpose is to provide an opportunity for its shareholders to diversify risk by investing in a fund that assists its portfolio companies to grow and increase in value. Please refer to the company's website at http://www.unicapman.com.

Forward-Looking Statements

The information contained in this press release may contain "forward-looking statements." You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," "believe," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to the following which could affect Universal Capital Management, Inc. or one or more portfolio companies: general economic and business conditions, effects of continued geopolitical unrest, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patters, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. The Company assumes no obligation to update publicly or revise any forward-looking statements.

Contact Information

  • For more information contact:
    Julie Malewski
    (302) 998-8824
    Email Contact