BAY CITY, Mich. and TORONTO, Oct. 28, 2003 (PRIMEZONE) -- Ugomedia Interactive Corporation (OTCBB:UGMI) (name change to Sciax Corporation pending) announced today that its Board of Directors has voted to delay the previously announced stock dividend to November 18, 2003 (date of record).
To receive the dividend, Ugomedia Interactive Corp. is requesting that the stock certificate evidencing ownership be physically delivered (by mail, courier or hand) to the company's transfer agent:
Heritage Trust Company 4 King St. West, Toronto, Ontario.
A principal feature of this reorganization is to spin-off approximately 12% of the shares of a newly incorporated company, Sciax Defense USA Inc., to UGMI shareholders of record as of November 18, 2003. The balance of shares in the new company will be owned by UGMI. Sciax Defense USA Inc.
Sciax Defense USA Inc. will acquire 100% of the shares of Sciax Defense Systems Inc., currently a wholly owned subsidiary of UGMI. Sciax Defense Systems Inc. is the company in which all future intellectual property within the UGMI corporate family will be held. It is anticipated that upcoming intellectual property could be licensed to users outside UGMI's target markets.
The Dividend will consist of 1 (one) share of Sciax Defense USA Inc. for every 4.5 shares of UGMI by each shareholder of record. The date of record for the dividend is November 18, 2003.
About Sciax
Sciax is an emerging leader in defense imagining systems for law enforcement and personnel engaged in counter-terrorism and other special security operations. Sciax America Inc. & Sciax Technology Inc. are wholly owned subsidiaries of UGOMEDIA INTERACTIVE CORPORATION (A NASDAQ OTCBB/Ticker UGMI). 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 Systems, (TRVSTM) used by law enforcement and military organizations in North America and Europe. Customers include, military and law enforcement agencies of the US and German Government, contraband interdiction units of Canadian Customs, and LAPD-SWAT.
Ugomedia Interactive Corp.Sciax Technology Inc.Sciax America Inc. www.sciax.com
Forward Looking Statement
This release contains forward-looking statements with respect to the results of operations and business of Sciax Technology and Ugomedia interactive 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 earnings, and all other forward looking statements be subject to the "safe harbors" provision of the Private Securities Litigation Reform Act of 1995.