SOURCE: Watercolor Holdings, Inc.

December 19, 2006 09:00 ET

Watercolor Holdings, Inc. f/k/a United Specialties, Inc. Announces New Agreements

NEW YORK, NY -- (MARKET WIRE) -- December 19, 2006 -- Watercolor Holdings, Inc., a publicly held Colorado corporation f/k/a United Specialties, Inc. (PINKSHEETS: WCHG), announced today that it has entered into two agreements to aid in its development of operating businesses at multiple locations for renewable energy sources.

Watercolor has entered into an Agreement with Plasma Arc Consultants, Inc., led by Dr. Louis Circeo, to help in its plasma gasification project. Plasma systems and its off gases are utilized in the production of BioFuels. Dr. Circeo is the Principal Research Scientist in Safety, Health and Environmental Technology Division at the Georgia Tech Research Institute and he established the Plasma Application Research Facility at Georgia Tech in 1990.

Watercolor has also entered into an Agreement with Aristos Partners, LLC for the preparation of a business plan and financial projections (Pro forma) for the project development and construction of plants for the conversion of waste materials into energy products for the commercial market. It is expected that Aristos will complete their work in the next sixty (60) days.

Watercolor expects to be making future announcements about additional alliances along with corporate and management structure.

Forward-Looking Statements:

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of Watercolor. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Watercolor may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices and other economic actors. Watercolor assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.

Contact Information

  • Contact:

    Michael J. Porter
    President - Investor Relations