BAY CITY, Mich. and TORONTO, Aug. 6, 2004 (PRIMEZONE) -- UgoMedia Interactive Corp (Pink Sheets:UGMI) (name change to Sciax Corporation pending) announced today that the company has filed a certificate of amendment to change its name, from UgoMedia Interactive Corporation to Sciax Corporation, with the Nevada Secretary of State.
Additionally, the amendment includes an increase in authorized share capital from 50 million to 500 million shares. "This increase in authorized share capital enhances Sciax' ability to complete our existing expansion plans, maintain our operating lines and provides a substantial reserve for future growth strategies that may involve mergers, acquisitions or joint ventures with identified target companies," stated Ralph Manore, Sciax Vice President of Operations.
Sciax will request a trading symbol change from UGMI to another more representative symbol in the near future.
About Sciax
Sciax is an emerging leader in defense imaging systems for law enforcement and military personnel engaged in counter-terrorism and other special security operations. As of this press release, Sciax America Inc. and Sciax Technology Inc. are wholly owned subsidiaries of Sciax Corporation.
Sciax is the manufacturer of Wolf Pack under license from Eomax. Wolf Pack is the Company's tactical remote viewing system used by law enforcement and military organizations in North America and Europe. Customers include, military and law enforcement agencies of the US and German Governments, contraband interdiction units of Canada Customs, and LAPD-SWAT.
This release contains forward-looking statements with respect to the results of the operations and business of Sciax Technology Inc., Sciax America Inc. and Sciax Corp. that involve 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 imaging system earnings, and all other forward looking statements be subject to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995.