Universal Property Development and Acquisition Corporation (Pink Sheets:UPDV) has executed a new $5.0 Million line of credit designated for the expansion of its crude oil purchase and transport operations. In addition to its existing credit facilities, UPDA’s tank truck subsidiary is now positioned to purchase and haul more than 100,000 barrels of crude oil generated by the oil and gas wells located throughout the state of Texas.
“This new credit facility will allow us to greatly increase our crude purchasing and transport business and expand our revenues exponentially,” remarked UPDA CEO Tim Brink. “We now have the financial strength to fully utilize our equipment and service new markets. With the assistance and cooperation of our primary lender we have been able to complete a massive corporate restructuring, reduce expenses, expand margins and obtain this new source of financing. We will now execute our business plan and aggressively pursue further growth.”
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.
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Contacts:
UPDA
Timothy Brink, 713-231-0330
Chairman
