SOURCE: Ulysses Holding Corp.

November 26, 2007 09:46 ET

Ulysses Holding Corp. Signs Joint Venture-Development Deal With Island Associates

JACKSONVILLE, NY--(Marketwire - November 26, 2007) - Ulysses Holding Corp. (PINKSHEETS: UHCR) today has announced that it has signed a Joint Venture-Development agreement with Island Associates.

The Companies will jointly build or acquire six locations throughout Long Island, New York; they will be prototypical of the Ulysses Westtown location. Each company will own a Fifty Percent (50%) Interest in the six locations with all expenses and profits shared equally. However Ulysses Holding Corp. will receive a management fee of 10% as the Managing partner.

The company expects its estimated share of revenues to the balance sheet from the six store joint venture to be $3,200,000 to $3,600,000 per annum.

"We are extremely pleased with this joint venture as it accelerates the number of stores the company will have under management while allowing the company to meet or exceed its objective regarding the number of units for its first year in business," 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.

The current authorized shares are 12 Million. The 12 Million Authorized Shares consist of 2,000,000 Preferred Shares (restricted for two years in management's control with no conversion options to common) and 10,000,000 Common Shares.

About Island Associates:

Island Associates is a private investment group specializing in the retail medical and optical sector. The group acts only as an investor and does not participate in any day to day management of its investments.

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