HONG KONG, April 5, 2005 (PRIMEZONE) -- Universal Flirts Corp. (OTCBB:UNVF), a Delaware corporation, said today it completed a stock exchange transaction with the stockholders of United First International Limited (UFIL), a Hong Kong corporation. The exchange was consummated pursuant to the terms of a Securities Exchange Agreement dated effective as of March 31, 2005.
Pursuant to the Exchange Agreement, Universal Flirts Corp. (UFC) issued 15 million shares of its common stock, $.001 par value, to the stockholders of United First International Limited, in exchange for a cash payment of US$50,000 plus all 20 million outstanding common shares of United First International Limited, par value HK$1.00. Pursuant to the exchange, UFIL became a wholly owned subsidiary of UFC and the former stockholders of UFIL acquired 50.41 percent of UFC's issued and outstanding shares.
For further information on this transaction please review the Universal Flirt Corp.'s Current Report on Form 8-K filing with the Securities and Exchange Commission.
United First International Limited is the Hong Kong-based holding company of Beijing Orsus Xelent Technology & Trading Company Limited, a China-based designer of cellular phones.
Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.