BAY CITY, Mich., Aug. 25, 2003 (PRIMEZONE) -- Ugomedia Interactive Corporation (OTCBB:UGMI) reports that the Depository Trust Company ("DTC") had mis-classified the Ugomedia Interactive stock symbol UGMI. Therefore, certain brokerage houses would not process orders for clients wishing to purchase shares of the stock. Ugomedia Interactive's home office began receiving numerous emails and phone calls from discount clients asking how they could purchase the company's securities.
After contacting the Depository Trust's offices, an investigation was launched. According to Nitin Amersey, CEO and Chairman of Ugomedia Interactive, it was uncovered that Ugomedia Interactive's symbol had been mistakenly marked as a security that trades by certificate only and did not participate in electronic trading of the stock.
As of today, The Depository Trust Company has corrected UGMI's classification and its clients are now able to buy and sell the security without difficulty. Ugomedia Interactive Corporation asks that if any shareholders, or potential shareholders are experiencing similar problems in trading Ugomedia Interactive's securities, that they please contact investor relations at Ugomedia Interactive's home office.
About Sciax
Sciax is an emerging leader, in counter-terrorism, law enforcement and defense optical imaging systems. Sciax America Inc. & Sciax Technology Inc. are 100% owned subsidiaries of Ugomedia Interactive Corporation. A name change from Ugomedia Interactive Corp. to Sciax Corp. is pending. Sciax is the manufacturer of the SeCam -- part of the Tactical Remote Viewing System (TRVS) which is used by a number of law enforcement and defense units across the globe including the Los Angeles Police Department SWAT Team, Canadian Customs, and German Government.
Forward-Looking Statement
This release contains forward-looking statements with respect to the results of operations and business of Sciax Technology Inc., Sciax America Inc. and Ugomedia Interactive Corp. which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports. The company intends that such statements about the Company's future expectations, including future revenues and enforcement and defense optical imaging system earnings, and all other forward looking statements be subject to the "safe harbors" provision of the Private Securities Litigation Reform Act of 1995.