SOURCE: Unico, Inc.

Unico, Inc.

February 23, 2010 09:21 ET

Unico, Inc. Issues February 2010 Shareholder Newsletter With Review of Board Changes and Settlement of Derivative Action

SAN DIEGO, CA--(Marketwire - February 23, 2010) -  Unico, Incorporated (OTCBB: UNCO), a natural resource company in the precious metals mining sector, today issued its February 2010 shareholder newsletter, which highlights the formation of several new Board committees and approval of the settlement of a derivative action involving the company.

A PDF version of the February 2010 newsletter has been added to the company's website at http://www.unicomining.com./news/newsletters.php, and an email notification of the newsletter's release will be sent to subscribers to Unico's electronic mailing list.

The newsletter reviews the company's announcement that four new Board committees have been formed for the purpose of strengthening and enhancing the Board's oversight in targeted areas. The new committees are: Audit, Finance, Compensation and Research, and Technical and Operations. The Audit committee was first announced in January and the Finance, Compensation and Research, and Technical and Operations committees were formed in February after a Board meeting in Salt Lake City, Utah.

In his addresses to Unico shareholders, Mr. Lopez stated that the new committees "have strengthened our Board and will help the company more effectively oversee and manage its growth and development. As both a Board member and part of the executive management team, I look forward to working with our new directors and strategizing the best next steps for Unico, Inc. as well as with our officers and staff to implement the strategies developed at the Board level." 

An approval of a Settlement Agreement in the case of Sullivan, et al v. Brown, et al is also highlighted in the February newsletter. Regarding that settlement, Mr. Lopez commented, "While we never believed that this Action had any merit or put the company's long-term future at risk, it did have the potential to impede our ability to obtain financing for the expansion of our operations and was, without a doubt, a drain on precious time and resources that needed to be devoted elsewhere. Despite the suit's lack of merit, since the settlement was primarily the payment of attorney's fees and would be covered by our directors and officers liability insurance policy, we decided that it would be in the best interest of the company and its shareholders to settle and put the issue behind us."

Shareholders who would like to sign up to receive information by email directly from Unico, Inc., including when newsletters are posted to the company website, are asked to visit the company's website at http://www.unicomining.com/IR/mailinglist.php and fill in the appropriate fields.

About Unico, Incorporated

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 www.unicomining.com.

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
    888-528-0883
    Email Contact