SOURCE: Ulysses Diversified Holdings Corp.

June 26, 2008 08:49 ET

Ulysses Diversified Holdings Officially Notifies the Company's Transfer Agent Regarding Potential Dividend Overpayment

JACKSONVILLE, NY--(Marketwire - June 26, 2008) - Ulysses Diversified Holdings Corporation (PINKSHEETS: UDHC) today announced that it has officially (via its corporate counsel) notified its Transfer Agent that it believes payment of previous dividend shares are significantly in error.

The Company and its auditors believe that at the time the dividend was issued the current and entitled outstanding share count was approximately 4,150,000 shares which would have increased the outstanding share count to approximately 8,300,000 shares with the payment of the announced 1 for 1 stock dividend.

According to the Company's research it is believed that dividends were paid in error on approximately 9,000,000 (1 for 1) shares thus increasing the outstanding shares to 18,000,000 at that time instead of 8,300,000 shares.

The Company also believes that errors have been made regarding entitlement of dividend shares as there was a delay and confusion regarding the ex-date with NASDAQ thus creating further payment of non-entitled shares paid electronically via brokers.

"The Company is now working feverously to determine the extent of the overpaid dividend shares and to locate them and recover the believed overpaid shares. This is a very complex, tedious and expensive process that is underway; nonetheless, we will stay with it until this matter is resolved," said Clayton Young, President.

Mr. Young also added, "We regret all the confusion that the share dividend has caused as it was done in the best interest of The Company and its Shareholders; I would like to also assure our shareholders that this matter will be resolved as quickly as humanly possible."

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 Diversified Holdings Corp.
    Investor Relations
    Tel: 1-607-387-7353