VANCOUVER, British Columbia, Feb. 3, 2005 (PRIMEZONE) -- United Athletes, Inc (Pink Sheets:UATH) announced today that it has closed its transaction to purchase all of the outstanding shares of S2C Global Systems, Inc. (S2C). S2C, headquartered in Vancouver, BC, owns a patent pending, proprietary "Aquaduct" vending system specializing in retail location based distribution of five (5) gallon water bottles that are filled and capped at regional water bottling facilities. The company specializes in providing 24 hour access to the point of sale for both the customer and supplier alike. Terms were not disclosed, but the transaction is anticipated to be accretive to S2C's required filing disclosure and constitutes the change in control of UATH.
S2C has approximately 7 employees and projected revenues of $8.7 million for its fiscal year ending December 31, 2005 with an adoption rate of 50% annually over the next three years whereby forecasts predict revenues topping $90 million.
Mr. Roderick Bartlett, S2C, President and CEO, said, "completing the transaction with UATH has been a necessary challenge for the Company as we continued to perfect the vending system throughout concept and design, realizing the required funding and finally securing our beta-testing locations. With S2C meeting the aforementioned benchmarks, the Company has fulfilled its obligations and has consummated the terms of the agreement date August 28th, 2004 with UATH."
S2C provides the retail environment a necessary solution to costly storage, handling and customer complaints as well as providing regional bottlers 24/7 access to dispensing their products directly to their end users; the home and office retailer customer.
S2C implemented the required requests with NASD for immediate symbol change to reflect the change in control of the company effective immediately. Visit S2C Global systems on the web at www.s2cglobal.com.
There are statements made herein which may not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the following: regional and national economic conditions in the United States, including conditions that result from terrorist activities or war; changes in interest rates; currency fluctuations; failure to achieve contract awards in connection with recompetes for present business and/or competition for new business; the risks and uncertainties associated with client interest in and purchases of new products and/or services; continued funding of U.S. Government or other public sector projects, particularly in the event of a priority need for funds, such as homeland security, the war on terrorism or rebuilding Iraq; government contract procurement (such as bid protest, small business set asides, etc.).