SOURCE: Watercolor Holdings, Inc.

July 16, 2007 09:00 ET

WaterColor Holdings, Inc. f/k/a United Specialties, Inc. Announces Restructuring Plan

WESTPORT, CT--(Marketwire - July 16, 2007) - WaterColor Holdings, Inc., a publicly held Colorado corporation (PINKSHEETS: WCHG), President stated that the Company is firmly committed to developing and considering developing one or more renewable energy facilities which will be located on the Company's properties located in Connecticut and Colorado. The production of the renewable energy will be achieved by utilizing one or more of the following modalities: plasmafication, distillation, and fermentation and other chemical applications as required.

In keeping with the Company's plans, it shall propose to the Company's shareholders to reincorporate in Delaware and approve a 30 to 1 reverse split of its shares.

It is believed that by doing both the Company will maximize shareholder value, create meaningful liquidity and be in a position to attract institutional and other significant investors.

WaterColor expects to be making future announcements about additional alliances along with corporate and management restructure.

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 that 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:
    Garry Stein
    203-226-4324