Ultra Shield Warrants Expire|
February 19, 1999 10:49 AM
RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--Feb. 19, 1999--Ultra Shield Products International Inc., USPDU announced today that by a vote of the company's board of directors, it has allowed its Class A and Class B warrants to expire effective Feb. 6, 1999.
There were approximately 20 million of each class of warrant outstanding prior to their expiration.
Brent J. Humphrey, president and chief executive officer of the company noted that the warrants had been issued primarily at the time of the company's initial public offering, several years ago. "The board determined that there was no reason to continue to incur the expense associated with the warrants, which had strike prices of $4 and $7 per share, respectively."
With the expiration of the warrants, Ultra Shield has approximately 20 million shares of common stock outstanding.
Ultra Shield Products International Inc. manufactures a broad line of water-based products specifically designed for cleaning/degreasing, sanitizing/disinfecting, dishwashing and deodorizing. The company's clientele include national fast food chains, aerospace, automotive, municipalities, over 5,500 agencies supplied by the GSA and a host of others.
Ultra Shield Products International Inc. has been certified by many of the local, state and federal agencies including the Southern California Air Quality Management District, USEPA, USDA and ARB. Most of the company's products are 100% biodegradable and virtually non-polluting.
The foregoing contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions, changes in customer requirements and in the volume of sales to customers, and competition. The company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the company's most recent financial statements