MAGALIA, Calif., Aug. 13, 2004 (PRIMEZONE) -- Unico Incorporated (Arizona) (OTCBB:UNCN) today announced that it is taking immediate steps to de-list its common stock from trading on the Berlin-Bremen Stock Exchange. The Company's shares were listed on the Berlin Stock Exchange without the Company's prior knowledge, consent or authorization. Unico has recently been made aware of an unauthorized listing of its common stock on the exchange, and Company executives became suspicious that "naked short selling" was taking place in its stock due to the drop in share price over the past several weeks. Naked shorting is possible due to the unregulated nature of the Berlin Exchange.
Legal counsel to the Company is sending a written demand to the Berlin-Bremen Stock Exchange (BBSE) that it immediately stop trading in the Company's common stock by designating the Company's common stock as "NA" on the next trading day while concurrently proceeding without delay to completely de-list the Company's common stock from the BBSE.
Unico management has been informed that action was taken earlier this year to list the common stock of the Company and approximately 6800 other foreign companies on the Berlin Bremen Stock Exchange. In June of 2004, U.S. regulators visited the Berlin-Bremen stock exchange to discuss the plight of U.S. companies that are surprised to find themselves listed on the BBSE. Many of these firms have since asked the Berlin exchange to remove their listings, saying the trading there has made their share prices more volatile.
"It is the fiduciary responsibility of management to protect shareholder value, and in this regard, we plan to ensure that Unico's equity is traded only where necessary regulatory protections and assurances are in place," commented, Ray C. Brown, Chairman and Chief Executive Officer of Unico.
About the Company
Unico Inc. filed an N-54 election with the SEC on July 12, 2004 to become a Business Development Company, pursuant to Section 54 of the Investment Company Act of 1940. The Company's investment portfolio currently consists of three subsidiaries, the Silver Bell Mining Company, Inc., the Deer Trail Mining Company, LLC and the Bromide Basin Mining Company, LLC. The core focus of Unico is to provide the capital and management assistance necessary for its subsidiaries to return value to Unico shareholders.
Forward-Looking Statements
The news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the company and its operations are included on certain forms the company files with the Securities and Exchange Commission.