(TSX - V: UZZ)
EDMONTON, Jan. 15, 2013 /CNW/ - F.V. Ramsoondar, Chief Executive Officer and Director of United Protection Security Group Inc. (UPSG or the Company), (TSX-V: UZZ) announces the following update:
As previously disclosed, by means of a Heads of Agreement dated June 1, 2012, the Company and other parties confirmed and acknowledged the indebtedness of United Parking Inc. and Mr. Jorstad to the Company in the amount of $237,000. The Heads of Agreement contain a provision for the payment of interest only on the debt amount, at the rate of seven (7) percent per annum for a two-year period. The Company's Q3 filing disclosed that no interest payments have been received; a situation that remains unchanged.
The Company will now proceed to seek judicial or quasi-judicial confiscation and sale of the 5,006,954 common shares of the Company, owned by Mr. Jorstad and pledged by him as security for the orderly repayment of the debt.
Any further action the Company's management deems appropriate will be subject to the approval of the Company's independent and non-conflicted Board Members.
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Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE United Protection Security Group Inc.