MIAMI BEACH, Fla., Feb. 13, 2007 (PRIME NEWSWIRE) -- UniverCell Holdings, Inc. (OTCBB:UVCL) announced today that the company has ceased merger talks with Pure Romance.
Sean Y. Fulda, CEO of UniverCell, commented, "We regret that the merger talks did not culminate in a successful reverse merger as we originally contemplated. Several issues arose over the past five months including the timing and costs of the merger, which caused the merger talks to cease between the two companies."
UniverCell will continue to seek a merger candidate or attempt to raise capital to fund new subsidiaries and operating companies. The advantage of raising capital and funding new subsidiaries and operating companies is that there will be less shareholder dilution than a reverse merger would affect. The company has several businesses and industries that it is currently exploring.
Statements about the UVCL's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements shall be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.