LOS ANGELES, Jan. 24, 2007 (PRIME NEWSWIRE) -- Universal Detection Technology (www.udetection.com) (OTCBB:UDTT), a developer of early-warning monitoring technologies to protect people from bioterrorism and other infectious health threats and provider of counter-terrorism consulting and training services, announced today that it has entered into an agreement to sell 60 million common shares at $0.03 per share to Innovative Marketing, Inc. (IMI) for a total of $1,800,000 in cash equivalent credits.
IMI has agreed to purchase sixty million restricted shares in the company for 1,800,000 dollars in cash equivalent credits. The cash equivalent credits may be used in combination with cash, to obtain, if and when available, on a best efforts basis, certain goods and services used in the daily ongoing business of UDTT as well as providing the potential to satisfy certain other obligations of the Company from time and time.
Steven Goldberg, of Innovative Marketing, stated, "We are pleased to be working with UDTT, and really excited about the future of the company." For more information about cash equivalent credits please visit http://creditsequalcash.com.
UDTT was recently featured on NBC News in a clip that can be viewed at: http://www.udetection.com/pressroom-video-NBC1006.htm. For more information please visit www.udetection.com or
Email us at info@udetection.com.
About Universal Detection Technology
Universal Detection Technology is a developer of monitoring technologies, including bio-terrorism detection devices. The Company on its own and with development partners is positioned to capitalize on opportunities related to Homeland Security. For example, the Company, in cooperation with NASA, has developed a bio-terror 'smoke' detector that detects certain bio hazard substances. For more information, please visit http://www.udetection.com.
Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that involve known and unknown risks and uncertainties, which may cause the Company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.