Message #20 From:
NewsBot Date: November 9, 2005 02:30:00 AM
SPSC News Spectrum Holdings Announces Formation of Kuwait-Based Investment Engineering Company
FALLS CHURCH, Va.--(BUSINESS WIRE)--Nov. 9, 2005--Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC) announced today the formation of UCH Engineering Limited, an international company composed of investors from the Univest Group, the Chart Group, and Spectrum Holdings. The purpose of UCH is to position Spectrum Holdings as an enterprise without peer in the Middle East focused on facilitating strategic partnerships providing solutions in the areas of environmental assessment and restoration, procurement and acquisition, security, geospatial solutions, and business management programs.
During a recent trip to Kuwait and Dubai, Spectrum Holdings President and Chief Executive Officer Darryl K. Horne, P.E., met with several of the largest and most diversified firms in the Middle East. Mr. Horne stated, "These meetings have laid the foundation for various partnership and teaming arrangements. The Middle East governments will continue to look for ways to take advantage of the improvements in stability in Iraq. Kuwait, for example, is currently experiencing a major return of investment capital. That, combined with high levels of liquidity owing to robust oil revenue, has contributed to an impressive surge in construction projects."
Christopher D. Brady, Chairman of the Chart Group, said, "By combining the technical and management strengths of the Spectrum group of companies with the global and regional contacts and investment savvy of Univest and the Chart Group, UCH Engineering is well positioned to open doors in this growth market. We are actively working to identify potential industrial projects, including port facilities, water treatment plants, and various energy-related projects, to name just a few."
The Chart Group (www.chartgroup.com) is a merchant-banking firm organized to sponsor alternative investments and provide senior-level advice and capital access to corporate clients. Chart Group is owned by its professionals as well as a large global network of partners who provide access, expertise and capital. The partners comprise family investment offices, professional firms, industrial companies, and two royal families, in 18 countries.
The Univest Group (www.univestgroup.com) is a Kuwait-based financial consulting firm that specializes in unique global investments. Its mission is to utilize its expanding relationships with its global partners, affiliates, and investors toward sourcing, structuring, and offering unique investment opportunities in international markets. Univest's offices are in Kuwait, New York, Paris, and the Cayman Islands.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is a technology and technical engineering solutions company focused on three primary target markets--national security, energy & environment, and transportation--with an emphasis on homeland security. The company's business offerings encompass management services, procurement, manufacturing, science and engineering, and information technology.
The company currently has more than 350 employees within its family of subsidiaries, which include Horne Engineering Services (www.horne.com/), Spectrum Sciences & Software, Inc. (www.specsci.com), M&M Engineering (www.mmeng.net), and Coast Engine and Equipment Company (CEECO).
More information about Spectrum Sciences & Software Holdings Corp. can be found at www.spectrumholdingscorp.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
