Universal Infrastructure Corp.

September 30, 2010 15:32 ET

Universal Infrastructure Corp. (NEX:UIC.H) Announces Delisting From NEX, Final Distribution and Date of Intended Dissolution

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2010) -



Universal Infrastructure Corp. (the "Company") (TSX VENTURE:UIC.H) announces that its common shares (the "Shares") will be delisted from the NEX board of the TSX Venture Exchange (the "Exchange") effective at the close of business today. The Company received shareholder approval to voluntarily delist the Shares from the Exchange at a special meeting of its shareholders held on August 23, 2010 (the "Special Meeting").

Distribution and Dissolution

The Company's shareholders also approved the voluntary dissolution of the Company at the Special Meeting. The Company has paid or made reasonable provision for payment of its outstanding liabilities. The Company had 2,500,000 Shares issued and outstanding. Following cancellation of the seed shares of the Company's two largest shareholders, there are 1,550,000 Shares issued and outstanding entitled to participate pro rata in the remaining assets of the Company.

The Company announces a final distribution of the remaining assets of the Company in the amount of approximately $0.0374 per Share. The distribution will be paid on or about October 15, 2010 to shareholders of record on September 30, 2010.

Following the final distribution to shareholders on or about October 15, 2010, the Company will file articles of dissolution and expects to cease to exist on or about October 16, 2010.

This press release contains forward-looking information which is not comprised of historical facts, including those identified by the expressions "expect", "will" and similar expressions. The forward-looking information reflects the Company's current expectations regarding future results or events. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this press release includes, but is not limited to, the Company's expectations respecting the delisting, wind-up, distribution and dissolution. Factors that could cause actual results or events to differ materially from those described in such forward-looking information include, but are not limited to, the timing for the distribution and dissolution. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, readers are cautioned not to place undue reliance on such forward-looking information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company undertakes no obligation to update forward-looking information if circumstances of its respective management's expectations of options should change, except as required by applicable securities laws.

Neither the NEX, TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Universal Infrastructure Corp.
    Helen Martin