CALABASAS, Calif., March 27,2002 (PRIMEZONE) -- Universal Domains Incorporated (OTCBB:UDCCF) is pleased to announce that it has closed its private placement of 7,000,000 Units at a price of $0.05 per Unit for total proceeds of $350,000 U.S. Each Unit consists of one common share and one share purchase warrant, entitling the holder to purchase an additional share for a period of one year at $0.05 U.S. per share.
The private placement was made with non-U.S. persons pursuant to Regulation S promulgated under the Securities Act of 1933.
The proceeds of the offering will be used to reduce corporate indebtedness, for working capital purposes and to implement components of the organization's business model.
About Universal Domains, Inc.
Universal Domains, Inc. (VCL Communications Corp.) is a teleconferencing service company that provides voice conferencing, video conferencing and Web casting services via a sophisticated network. The Company is able to service up to 23,000 portals at once, enabling businesses to conduct meetings with small or very large groups. The Company will brand its services under the Viacall name and has one of the most competitively priced conference services available in North America. The Company plans to expand its operations to international locations in the coming months.
Certain matters discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and, as such, may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.