Universal Property Development and Acquisition Corporation (Pink Sheets:UPDV) has accepted the resignation of Chris McCauley and Steve Barrera from its Board of Directors thereby completing the corporate restructuring initiated with the resignation of former CEO Kamal Abdallah several months ago. While Mr. Barrera had served only on the board of UPDA, Mr. McCauley also resigned his positions with UPDA affiliates, Heartland Oil and Gas Inc. and Continental Fuels, Inc.
“With the acceptance of these resignations, we are well positioned to pursue our primary objectives -the re-establishment of corporate credibility, to rebuild shareholder value and grow the company and its subsidiaries,” said Tim Brink, Chairman of the Board. “Since last November, our biggest lender injected another $3.5 million into the company and we consolidated the management and reduced our overhead drastically. These measures will enable us to focus on new opportunities and profitably grow the companies.”
“It is our intention from this point to return UPDA to its commitment to corporate transparency and accountability,” continued Chairman Brink. “In this regard, we will begin issuing regular updates and utilizing all forms of technology to communicate with our loyal shareholders. To that end, we have this week established an account on Twitter where we can be followed as UPDANEWS.”
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contacts:
UPDA
Timothy Brink, Chairman, 713-231-0330
