Message #3 From:
NewsBot Date: August 12, 2005 02:16:00 AM
UNCN News Unico, Inc. Files 14A Definitive Proxy Statement and Requests Shareholder Return of Proxies; Shareholder Response is Deemed Critical to Future of Company
SAN DIEGO--(BUSINESS WIRE)--Aug. 12, 2005--Unico, Incorporated (OTCBB:UNCN) today announced that the company has filed a new 14A Definitive Proxy Statement with the Securities and Exchange Commission requesting shareholder votes on a proposal for the Company to withdraw election to be treated as a Business Development Company pursuant to Section 54(c) under the Investment Company Act.
Shareholders of record are invited to attend a special meeting to be held on September 9, 2005 at 10:00 a.m. PDT at the Hilton San Diego Mission Valley located at 901 Camino del Rio South, San Diego, California, 92108. At this meeting, the proposal will be considered and voted upon. This proxy statement and the related proxy and notice of the special meeting are expected to be mailed to the shareholders on or about August 12, 2005.
Whether or not they plan to attend the meeting, shareholders are asked to please sign, date and return your proxy in the return envelope provided as soon as possible. The Unico Board of Directors asks that all proxies be completed, signed and mailed to the Company before September 2, 2005 so they will be received prior to the special meeting of shareholders. The Company urges all shareholders to promptly sign and return their proxies to help avoid further solicitation expense to the Company.
"As is explained in the Proxy Statement, the Unico Board of Directors believes that it is prudent for the Company to withdraw its election as a Business Development Company," commented Mark A. Lopez, Chief Executive Officer of Unico, Inc. "The Board has determined that in the current environment it would be better served to focus its efforts on the operation of businesses, namely the mining activities of the Deer Trail, Bromide Basin and Silver Bell mines, rather than act as a passive investor. The Board believes that given the changing nature of the Company's business and investment focus, that the regulatory regime governing BDCs is no longer appropriate and would hinder the Company's future growth and development."
"Since the Board has determined that the proposal is in the best interests of the Company and its shareholders, it has unanimously approved the proposal and recommends that the shareholders vote in favor of the proposal as well. We hope that as many shareholders as possible will attend the meeting in San Diego, but we urge everyone to complete and return their proxies, so that all shareholders have a voice in determining the future of Unico," added Mr. Lopez.
About the Company
Unico, Inc. filed an N-54 election with the SEC on July 12, 2004 to become a Business Development Company, pursuant to Section 54 of the Investment Company Act of 1940. The Company's investment portfolio currently consists of three subsidiaries, the Silver Bell Mining Company, Inc., the Deer Trail Mining Company, LLC and the Bromide Basin Mining Company, LLC. The core focus of Unico is to provide the capital and management assistance necessary for its subsidiaries to return value to Unico shareholders.
Forward-Looking Statements
The 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.
