Unico, Inc. Announces Filing of Form 8-K Reporting Reduction of Total
Stockholders? Deficit by $4.7 Million
Issued Thursday Sept. 10, 11:51 am ET
The filing also reports change to bylaws regarding the number of Board
members
SAN DIEGO, CA--(MARKET WIRE)--Sep. 10, 2009--Unico, Incorporated (OTC BB:
UNCO), a natural resource company in the precious metals mining sector, has
filed a Current Report on Form 8-K regarding an anticipated reduction on the
company?s Total Stockholders? Deficit as of May 31, 2009 by approximately
$4,700,000. A link to the Form 8-K filing can be found on the company?s
website at http://www.unicomining.com./IR/mailinglist.php.
The Form 8-K reports that Unico received a comment letter from the U.S.
Securities and Exchange Commission dated July 29, 2009 relating to the
company?s Annual Report on Form 10-K for the fiscal year ended February 28,
2009 and its Quarterly Report on Form 10-Q for the quarter ended May 31,
2009. Following receipt of that comment letter, Unico?s Chief
Financial Officer Kenneth C. Wiedrich had discussions with certain staff
accountants of the Securities and Exchange Commission concerning the proper
accounting treatment relating to various convertible debentures previously
issued by Unico. As a result of those discussions, Unico?s Board of
Directors concluded on August 31, 2009 that the convertible debentures had not
been accounted for correctly. As a result, Unico?s financial statements
for the fiscal year ended February 28, 2009 and for the three months ended May
31, 2009 will be restated in Amendments to be filed to the Annual Report on
Form 10-K for the fiscal year ended
February 28, 2009 and Quarterly Report for the three months ended May 31, 2009.
As a result of the restatements, Unico anticipates that the Derivative
Liability line item will be removed from each balance sheet, and other related
adjusting entries will be made. As a result of these adjustments, Unico
anticipates that its Total Stockholders? Deficit as of May 31, 2009 will be
reduced by approximately $4,700,000.
?The reduction in Total Stockholders? Deficit of approximately $4,700,000 is
clearly good news for the company and its shareholders,? stated Mr.
Wiedrich. ?It has been Unico?s position that the Derivative Liability
line item has impacted the company?s financial picture to a greater degree than
it should, so we are pleased that we are able to restate our recent financial
filings to reflect this significant reduction. As a fully reporting
company, Unico always strives to provide only the most accurate picture
possible to the public markets.?
The filing also reports that the company?s Board of Directors has approved a
change to Unico?s bylaws regarding the number of directors that the company
will have. An amendment approved by the Board provides that the number of
directors shall be established by Unico?s Board of Directors by resolution from
time to time, with a minimum of 3 directors and a maximum of 7 directors.
The Board currently has 3 directors. Also, a new article to the bylaws
was approved, which provides that the directors may, in their discretion, elect
one of the directors by majority vote to serve as the Chairman of the Board of
Directors.
Shareholders who would like to sign up to receive information by email directly
from Unico, Inc., including when newsletters are posted to the company website,
are asked to visit the company?s website at
http://www.unicomining.com/IR/mailinglist.php and fill in the appropriate
fields.
About Unico, Inc.
Unico, Inc. (OTC BB: UNCO) is a publicly traded natural resource company in the
precious metals mining sector that is focused on the exploration, development
and production of gold, silver, lead, zinc, and copper concentrates at its two
mine properties: the Deer Trail Mine and the Silver Bell Mine. Unico and
its wholly owned Deer Trail Mining Company subsidiary completed the purchase of
the Deer Trail Mine in 2007, and Unico has also announced agreements to acquire
over 70 additional mining claims in the area of the Deer Trail Mine including
the Clyde and Crown Point mining claims. For more
information, please visit
www.unicomining.com.
Forward-Looking Statements: This news release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended and such Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements are subject to risks and uncertainties that could
cause actual results to vary materially from those projected in the
forward-looking statements. The company may experience significant fluctuations
in operating results due to a number of economic, competitive and other
factors. These factors could cause operation results to vary significantly from
those in prior periods, and those projected in forward-looking statements. Information
with respect to these factors, which could materially affect the company and
its operations, are included on certain forms the company files with the
Securities and Exchange Commission.
Contact:
Gemini Financial Communications, Inc.
Investor Relations
888-528-0883
investors@unicomining.com
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