LOS ANGELES, July 25, 2008 (PRIME NEWSWIRE) -- UC Hub has entered into an agreement with TMG Holdings, LLC (the "Company" or "TMG") to sell 100 percent of Three Inc to TMG in exchange for assigning some equity in the new spin out company in trust for UC Hub creditors . This is an attempt by management to clean up and restructure UC Hub while reducing debt load.
TMG intends to facilitate mergers and acquisitions of several prime businesses and real estate they feel would be candidates for growth and expansion in today's market environment. Three, Inc will change its name, and begin the necessary filings for a potential spin out. It will be designated to become a marketing company for a "beach lifestyle" clothing, sunglasses, hats, sandals and surfing accessories company. The beach lifestyle TV Channel to be broadcast over the Internet and to mobile phone subscribers has just begun the design phase. TMG is also in advanced negotiations with celebrity surfers for the merchandising and licensing of certain products.
TMG will provide real estate assets including a $1.4 Million dollar industrial building near Los Angeles Airport . In addition to assigning some equity for debt, TMG has plans to set aside a discounted warrant program for the existing shareholders of UC Hub Group Inc as of this date.
About UC Hub Group Inc
UC Hub Group Inc operates as a software development, marketing and digital distribution company for transaction based operation on the web and mobile phone.