U-CUpper Hatch Close Auxiliary
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NASDAQ: UCTN), announced today that it has sold, in a private placement to U-C Holdings L.
In addition, U-C Holdings entered into an equity protection agreement entitling it to maintain its 75 percent equity interest in the event of subsequent issuances of stock by the Company pursuant to existing stock options or warrants.
U-C Holdings has designated five new UCTN directors who are expected to take office in approximately two weeks.