Universal Power Corp.
TSX VENTURE : UNX

Universal Power Corp.

September 22, 2009 19:22 ET

Universal Power Corp.: Shares for Debt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2009) - Universal Power Corp. (the "Company") (TSX VENTURE:UNX) is pleased to announce that it has entered into a shares-for-debt settlement agreement with Duane Parnham, wherein the Company proposes to issue 900,000 common shares to Mr. Parnham at a deemed price of $.60 per share in satisfaction of US$500,000 ( CDN $540,000) owed by the Company to Mr. Parnham.

Barry Swanson, Chief Executive Officer of the Company stated "Mr. Parnham provided an unsecured loan without interest to the Company in order to help meet our current contractual obligations with HRT Petroleum and preserve our capital. This has enabled us to reduce the distribution of the non brokered private placement at $.50 previously announced on July 7, 2009. As acting Chairman, Mr. Parnham is a valued resource in the development of our strategic objective of developing the Oil & Gas industry in Namibia and continues to demonstrate his commitment to Universal Power Corp."

The proposed shares-for-debt settlement is subject to regulatory approval by the TSX Venture Exchange.

BY THE ORDER OF THE BOARD OF DIRECTORS

Barry Swanson, Director & CEO

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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