SOURCE: Watercolor Holdings, Inc.

September 06, 2007 08:30 ET

WaterColor Holdings, Inc. F/K/A United Specialties, Inc. Announces Settlement With the SEC

WESTPORT, CT--(Marketwire - September 6, 2007) - WaterColor Holdings, Inc. (PINKSHEETS: WCHG) announced today that it has settled the action previously initiated by the SEC for failure to provide current periodic reporting. The SEC has accepted the Company's offer of settlement and entered an Order revoking the registration of the Company's securities under the Securities Exchange Act of 1934, as amended.

The Company had made its offer of settlement in order to avoid potentially lengthy and expensive SEC proceedings.

The Company intends to file to re-register its common stock as soon as practicable and is preparing Form 10SB, including financial statements covering fiscal years 2006 and 2007 in order to provide current information on the Company's financial standing. Upon completion of the filings, the Company will be current with all required reporting, and intends to maintain that status moving forward.

Upon review and acceptance by the SEC of the Company's re-registration, the Company anticipates that its securities will be free-trading on the OTC.PK market shortly thereafter. Further updates will be provided as information becomes available.

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

  • Michael J. Porter
    President
    Investor Relations
    212.564.4700