CANONSBURG, Pa., Dec. 15, 2010 /PRNewswire-FirstCall/ -- UBICS, Inc. (Pink Sheets: UBIX) today announced that 2,118,317 shares of UBICS common stock (the "Shares") have been tendered pursuant to the self-tender offer made by UBICS on October 28, 2010, and amended on November 30, 2010, for up to 2,557,492 of its common stock at $0.75 per share (the "Offer"). UBICS has accepted the Shares for payment. As a result of UBICS' purchase of the Shares, its majority stockholder, United Breweries Information Consultancy Systems, Ltd (the "Majority Stockholder") and its Chairman, Vijay Mallya, who is also the controlling person of the Majority Stockholder, collectively own 91.85% of the outstanding shares of UBICS. The Majority Stockholder and Vijay Mallya collectively owned approximately 60% of UBICS' outstanding shares prior to the Offer.
UBICS will promptly pay for the accepted Shares validly tendered in the Offer and not withdrawn by providing its depositary, BNY Mellon Shareowner Services, with sufficient funds for transmittal to tendering stockholders. The depositary will act as the agent of persons who have tendered Shares in the Offer for the purposes of receiving payment from UBICS and transmitting payment to such persons, and receipt of payment by the depositary will be deemed to constitute receipt of payment by persons tendering Shares.
For more information on the take up and payment of tendered Shares, UBICS shareholders are encouraged to contact BNY Mellon Shareowner Services at 1-866-354-3380.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including statements regarding an anticipated merger involving UBICS and the anticipated timing of such merger. 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.