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UBICS, Inc. Announces Extension and Amendment of Self-Tender Offer and Receipt of Cash Needed to Complete Self-Tender Offer
CANONSBURG, Pa., Nov. 30, 2010 /PRNewswire-FirstCall/ -- UBICS, Inc. (Pink Sheets: UBIX.PK) today announced that it is extending its previously announced self-tender offer for up to 2,557,492 shares of its common stock at $0.75 per share (the "Offer") until 5:00 P.M., New York City time, Tuesday, December 14, 2010. The Offer was previously set to expire at Midnight, New York City Time, Monday, November 29, 2010.
As of the close of business on November 29, 2010, 1,951,515 shares of common stock had been tendered in and not withdrawn from the Offer.
In addition, UBICS has amended the terms of the Offer to reduce the minimum tender condition to provide that a minimum of 1,951,515 shares of common stock be validly tendered and not withdrawn.
UBICS also announced today that it has received payment on its outstanding account receivable from Kingfisher Airlines in an amount sufficient to enable UBICS to pay the purchase price for all shares tendered in the Offer up to the maximum number of shares sought to be purchased by UBICS.
Except as set forth herein, the terms of the Offer remain the same as set forth in the Offer to Purchase dated October 28, 2010 (the "Offer to Purchase"), previously distributed to stockholders of UBICS.
The Information Agent and Depositary for the tender offer is BNY Mellon Shareowner Services. For questions and information, please call the Information Agent toll free at 1-866-354-3380.
Important Notice
This press release is for information purposes only and is not an offer to buy, or the solicitation of an offer to sell, any UBICS shares. The Offer is being made only pursuant to the Offer to Purchase and the related Letter of Transmittal (collectively, the "Offer Documents"). Stockholders are urged to read carefully the Offer Documents and other related materials when they are available because they contain important information, including the terms and conditions of the Offer. Stockholders may obtain free copies of the Offer Documents by calling BNY Mellon Shareholder Services, the Information Agent, toll free at 1-866-354-3380.
Forward-Looking Statements
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including statements regarding the Offer, the number of shares UBICS expects to repurchase in the Offer and the price at which any purchases will be made. Forward-looking statements which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "believe", "except", "intend", "anticipate", "estimate", "project", or similar expressions or variations thereof. These statements are based on UBICS current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements, and include the risk that changes in economic circumstances and business conditions may make the Offer no longer advisable on the terms described herein, if at all. Investors are cautioned not to place undue reliance on any forward-looking statements. UBICS is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.
SOURCE UBICS, Inc.
UBICS, Inc.
CONTACT: Bruce Thompson, UBICS, Inc., +1-724-746-6001, Ext 220, bthompson@ubics.com
Web Site: http://www.ubics.com
UBICS, Inc. Announces Extension and Amendment of Self-Tender Offer and Receipt of Cash Needed to Complete Self-Tender Offer
CANONSBURG, Pa., Nov. 30, 2010 /PRNewswire-FirstCall/ -- UBICS, Inc. (Pink Sheets: UBIX.PK) today announced that it is extending its previously announced self-tender offer for up to 2,557,492 shares of its common stock at $0.75 per share (the "Offer") until 5:00 P.M., New York City time, Tuesday, December 14, 2010. The Offer was previously set to expire at Midnight, New York City Time, Monday, November 29, 2010.
As of the close of business on November 29, 2010, 1,951,515 shares of common stock had been tendered in and not withdrawn from the Offer.
In addition, UBICS has amended the terms of the Offer to reduce the minimum tender condition to provide that a minimum of 1,951,515 shares of common stock be validly tendered and not withdrawn.
UBICS also announced today that it has received payment on its outstanding account receivable from Kingfisher Airlines in an amount sufficient to enable UBICS to pay the purchase price for all shares tendered in the Offer up to the maximum number of shares sought to be purchased by UBICS.
Except as set forth herein, the terms of the Offer remain the same as set forth in the Offer to Purchase dated October 28, 2010 (the "Offer to Purchase"), previously distributed to stockholders of UBICS.
The Information Agent and Depositary for the tender offer is BNY Mellon Shareowner Services. For questions and information, please call the Information Agent toll free at 1-866-354-3380.
Important Notice
This press release is for information purposes only and is not an offer to buy, or the solicitation of an offer to sell, any UBICS shares. The Offer is being made only pursuant to the Offer to Purchase and the related Letter of Transmittal (collectively, the "Offer Documents"). Stockholders are urged to read carefully the Offer Documents and other related materials when they are available because they contain important information, including the terms and conditions of the Offer. Stockholders may obtain free copies of the Offer Documents by calling BNY Mellon Shareholder Services, the Information Agent, toll free at 1-866-354-3380.
Forward-Looking Statements
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including statements regarding the Offer, the number of shares UBICS expects to repurchase in the Offer and the price at which any purchases will be made. Forward-looking statements which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "believe", "except", "intend", "anticipate", "estimate", "project", or similar expressions or variations thereof. These statements are based on UBICS current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements, and include the risk that changes in economic circumstances and business conditions may make the Offer no longer advisable on the terms described herein, if at all. Investors are cautioned not to place undue reliance on any forward-looking statements. UBICS is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.
SOURCE UBICS, Inc.
UBICS, Inc.
CONTACT: Bruce Thompson, UBICS, Inc., +1-724-746-6001, Ext 220, bthompson@ubics.com
Web Site: http://www.ubics.com