BAY CITY, Mich. and TORONTO, Dec. 18, 2003 (PRIMEZONE) -- Ugomedia Interactive Corp. (name change to Sciax Corporation pending) (OTCBB:UGMIE) is pleased to announce the execution of an agreement with Sapos Investments Inc. for equity based financing of up to an aggregate of $3,125,000 against private issuance of common stock over the next 12 months as per the Company's financing needs and schedule. Shares will be issued without registration thus being restricted securities as defined by the Federal Securities laws.
Ken Smart, President of the company stated "This is significant news to the company and its shareholders; it will enable us to step up our marketing and sales efforts and enable us to significantly increase our business."
Nitin Amersey, Chairman and CEO stated, "This financing essentially helps us cover our financial needs for the coming year and enables us to move forward with our business."
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.
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.