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WILMINGTON, Del., March 18 /PRNewswire-FirstCall/ -- Universal Capital Management, Inc., a publicly traded venture capital fund available to all investors regardless of their net worth requirements, announced today a major corporate restructuring. President and CEO, Michael Queen, stated, "Due to our continued growth, and the proven ability of our business model, UCMT has reorganized its business professionals to better serve our growing and aggressive portfolio companies."
Joseph T. Drennan, current Vice President and Chief Financial Officer will be promoted to Senior Vice President, and will have total oversight of all UCMT portfolio companies. Mr. Drennan is a very experienced business professional and an expert in public company formation and structure.
Theresa Quattrochi Hoffmann, the current Manager of Portfolio Accounting and Financial Planning and Accountability will be promoted to Sr. Corporate Controller, accountable for all of UCMT's financial accounting, and will head the staff of portfolio accountants and financial planners. "Theresa has done a tremendous job managing the financial statements of our portfolio companies, and is deserving of this promotion," said Joseph T. Drennan, Chief Financial Officer.
David M. Bovi, Esq., a co-founder of UCMT, has joined UCMT as its special outside securities counselor to assist UCMT with its SEC obligations, as well as assisting UCMT in advising its portfolio companies on their public structure options. It is expected that David will become an even more important part of the UCMT team, given the current success of its business model and increased deal flow.
UCMT achieved record earnings and profits in 2007 and attained a dramatic increase in NAV. "These changes in structure will not only insure our continued success as our portfolio grows, but will also support a growing team of professionals necessary to support it," said President and CEO Michael D. Queen.
About Universal Capital Management, Inc.: Universal Capital Management, Inc. is a publicly traded Business Development Company created under the Investment Act of 1940. Its purpose is to assist its portfolio companies with funding and management to facilitate growth, and increase their value. Please refer to the company's website at http://www.unicapman.com.
Forward-Looking Statements:
The information contained in this press release may contain "forward- looking statements." You can identify these statements by use of the words "may", "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," "believe," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to the following which could affect Universal Capital Management, Inc. or one or more portfolio companies: general economic and business conditions, effects of continued geopolitical unrest, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patters, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. The Company assumes no obligation to update publicly or revise any forward-looking statements.
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