UBICS, Inc. Announces Successful Results of Self-Tender Offer
Share:
CANONSBURG, Pa., Dec. 15, 2010 - 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UBICS will promptly pay for the accepted Shares validly tendered in the Offer and not withdrawn by providing its depositary, BNY Mellon Shareowner Services, with sufficient funds for transmittal to tendering stockholders.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.
SOURCE UBICS, Inc.
CONTACT:
Bruce Thompson,
+1-724-746-6001, Ext 220,
bthompson@ubics.com
Web Site: www.ubics.com
