Universal Capital Management, Inc. and SIVOO Inc. Sign New Management Agreement
WILMINGTON, Del., June 3 /PRNewswire-FirstCall/ -- Universal Capital Management, Inc., (OTC Bulletin Board: UCMT - News), a publicly traded venture capital company that provides emerging growth companies with management and strategic resources for successful growth, is pleased to announce that it has signed a new management agreement with its portfolio company SIVOO, Inc., to provide investor relations and management services to SIVOO.
The agreement provides, among other things, that UCM will provide SIVOO with services related to SIVOO's Form 10 registration statement that SIVOO expects to file with the SEC in the near future. Upon the SEC's final review of this filing, SIVOO will be eligible to apply for trading on the Over-the-counter Bulletin Board as a fully reporting company. "SIVOO is one of Universal's largest portfolio company holdings," said Universal's president and CEO Michael D. Queen, "and we believe that facilitating SIVOO's move the Bulletin Board as a fully reporting company is the single most valuable contribution we can make to their long-term success at this time."
Chris Myers, SIVOO's president and COO added that, "This new agreement with Universal allows our management to focus more on operations and sales at a time when we are within striking distance of break-even, which we believe will ultimately add value for SIVOO and our shareholders."
About SIVOO Inc.: Founded in 2000, SIVOO, Inc. has created CEDR, an end-to-end solution to encode, distribute, and monetize video across distribution channels including Internet, mobile, IPTV, and RSS syndication. With SIVOO, video assets are easily and automatically managed and distributed to Internet sites like YouTube and MetaCafe, mobile platforms like Verizon V-Cast, cable outlets like Charter Communications broadband, IPTV providers like Verizon FIOS TV and Verismo, and iTunes Podcasts and blogs. For more information, please visit http://www.sivoo.com/ .
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:
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Universal Capital Management, Inc., or SIVOO, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UCM's or SIVOO's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UCM or SIVOO as appropriate, and the valuation of UCM's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UCM and SIVOO believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed herein. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UCM and SIVOO do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
