SOURCE: Union Equity, Inc.

June 15, 2010 08:30 ET

Union Equity, Inc.'s Board of Directors Intends to Purchase Stock in Open Market

ORLANDO, FL--(Marketwire - June 15, 2010) -  Union Equity Inc. (PINKSHEETS: UNQT) is pleased to announce that the Company's Board of Directors and their affiliates intend to purchase up to 100,000,000 shares of common stock from time-to-time over the next thirty (30) days. The purchases will occur in the open market, as permitted by securities laws and other legal requirements. As part of this announcement, Steven Woodell, President of Union Equity, Inc. is declaring his intent to purchase shares as well.

The decision was based upon anticipated events in the short-term future as the Company works towards its goal of maximizing the return for shareholders and expanding its inventory of trucks to meet demand from owner-operators. These purchases will decrease the public float by reducing the number of free-trading shares.

"I am delighted that our Board of Directors has confidence in our future and want to increase their ownership. They believe that our shares are undervalued and should be trading at higher levels. Union Equity is well positioned for continued growth as we continue expand within the Semi Truck market. We expect that this purchase program will decrease the Company's float," stated Steven Woodell, President of Union Equity.

Union Equity recently announced that they have entered into a Letter of Intent for the purchase of substantially all of the assets of Exodus Truck Systems, Inc.

About Union Equity, Inc.

Union Equity is a commercial truck leasing business engaged in leasing class 8 commercial trucks to owner operators located around the contiguous 48 states. Many owner operators drive on a for hire basis for Fortune 500 companies, while others have their own authority to haul freight throughout the United States. Union Equity's strategy has been to target both groups of owner operators through an aggressive marketing program and complete "one stop shop" solution for the owner operator. Through their unique business model, Union Equity is able to provide owner operators with a leased truck regardless of their credit history. Owner operators need only to have a valid commercial driver's license, acceptable insurance, proof of a shipper's intent to hire, and a willingness to work.

Safe Harbor:

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including consummation of the stock purchase program, decrease of the float and expansion of Union Equity's business. l Forward-looking statements can also be identified by words such as "targets," "expects," "believes," "anticipates," "intends," "may," "will," "plan," "continue," "forecasts," "remains," "would," "should," and similar expressions. Forward-looking statements are based on current expectations, are not guarantees of future performance and involve assumptions, risks, and uncertainties. Actual performance and results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Risks and uncertainties include the future condition of the global and capital markets. Union Equity does not does not have a duty to and does not intend to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. 

Contact Information

  • Investor Relations:
    Management Solutions International
    1 407-389-5900