SOURCE: Universal Communication Systems, Inc.

March 20, 2007 08:32 ET

Universal Communication Systems, Inc. Agrees to Legal Settlement With Court Appointed Receiver for Credit Bancorp

MIAMI BEACH, FL -- (MARKET WIRE) -- March 20, 2007 -- Universal Communication Systems, Inc. (PINKSHEETS: UCSY) (BERLIN: UVC) (XETRA: UVC) (FRANKFURT: UVC) (MNCH: UVC) (WKN: 917633) company chairman Michael Zwebner announced today that the company has reached an agreement and final settlement of the litigation with the court appointed receiver for Credit Bancorp in a case that has been in court since April 2006. The case revolved around claims made against the company for matters relating to a corporate financing that occurred back in 1999.

Mr. Michael Zwebner stated: "I am pleased to inform our shareholders that the case has now been resolved, with the assistance of some of our major funders and past investors. The company can now continue to concentrate on building the business and moving forward on all our commercial plans."

Further details of the terms of the settlement will be announced in our upcoming 10Q filings.

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Safe Harbor Statement

Caution Concerning Forward-Looking Statements by Universal Communication Systems, Inc. This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and factors affecting the integration of the businesses of Universal Communication Systems, Inc. More detailed information about these factors may be found in filings by Universal Communication Systems, Inc. with the Securities and Exchange Commission, including their most recent annual reports on Form 10-KSB and quarterly reports on Form 10-QSB. Universal Communication Systems, Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter their forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Information

  • Contact:
    Universal Communication Systems, Inc. - Miami Beach
    Rolando Sablon
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