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Universal Detection Technology's CEO Purchases 100,000,000 Shares of Common Stock of Universal Detection Technology
LOS ANGELES, CA, Feb 13, 2007 (MARKET WIRE via COMTEX) -- Universal Detection Technology (www.udetection.com) (OTCBB: UDTT), a developer of early-warning monitoring technologies to protect people from bioterrorism and a 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 US Army. The Company expects to continue marketing its counter-terrorism technologies and products globally.
Universal Detection Technology is a developer of monitoring technologies, including bioterrorism 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 bioterror 'smoke' detector that detects certain biohazard 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.
Contact: Jacques Tizabi 310-248-3655SOURCE: Universal Detection Technology
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Of the 184,625,000 Shares issued, 166,000,000 Shares were issued at a price of $0.006 per share and 18,625,000 Shares were issued at a price of $0.0004 per share. The Shares were issued in consideration of the surrender and cancellation of indebtedness owed from the Registrant to certain of the recipients and in consideration of consulting services rendered to the Registrant by certain of the recipients. There was no cash consideration for the issuances. A total of $674,500 of indebtedness what canceled in exchange for the Shares and the balance of the Share were issued for consulting services.
Of the 184,625,000 shares, 100,000,000 were issued to Mr. Jacques Tizabi, the Registrant's Chief Executive Officer and director. Mr. Tizabi has reported this issuance to him on a Form 4 filed with the Securities and Exchange Commission. The Shares were issued to Mr. Tizabi in exchange for the surrender and cancellation of indebtedness owed by the Registrant to Mr. Tizabi in the amount of $600,000.
That is exactly what I was going to say. Instead of the company paying the CEO back in money, they are issuing him shares. So, I'm guessing this 100 mil is going to increase the float..
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