LOS ANGELES, Feb. 14, 2007 (PRIME NEWSWIRE) -- Universal Detection Technology (www.udetection.com) (OTCBB:UDTT), a developer of early-warning monitoring technologies to protect people from bioterrorism and provider of counter-terrorism products and services, announced today that its CEO, Mr. Jacques Tizabi, has acquired 100,000,000 common shares at a price of $.006 per share. The shares were acquired in exchange for the forgiveness of $600,000.00 in debt owed by the company to Mr. Tizabi. The share price represents a premium to the closing price of the shares at the end of last week.
"This will improve the company's balance sheet significantly and also add to management's ownership stake in the company. It also demonstrates my continued commitment to the company's future," said Jacques Tizabi, CEO of Universal Detection Technology.
In a recent piece NBC News covered Universal Detection Technology's automatic anthrax detection system, BSM-2000. That piece can be viewed at http://www.udetection.com/pressroom-video-NBC1006.htm. UDTT has sold two units of BSM-2000 to the government of England and it has recently sold anthrax test kits to the U.S. Army. The Company expects to continue marketing its counter-terrorism technologies and products globally.
For more information please visit www.udetection.com or
Email us at info@udetection.com.
About Universal Detection Technology
Universal Detection Technology is a developer of monitoring technologies, including bio-terrorism detection devices. The Company on its own and with development partners is positioned to capitalize on opportunities related to Homeland Security. For example, the Company, in cooperation with NASA, has developed a bio-terror 'smoke' detector that detects certain bio hazard substances. For more information, please visit http://www.udetection.com.
Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that involve known and unknown risks and uncertainties, which may cause the Company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.