UVSL Universal Automotive Industries - Common Stock (MM)

Universal Automotive Receives $2.5 Million from Laurus Master Fund ALSIP, Ill., Nov. 18 /PRNewswire-FirstCall/ -- Universal Automotive Industries (the "Company"), a leading manufacturer and distributor of aftermarket brake parts announced today that it has issued a three-year fully amortizing secured convertible note to Laurus Master Fund, Ltd ("Laurus"), a financial institution that specializes in providing financing solutions to small and mid capitalization companies. Laurus provided the Company with $2.5 million in the form of a fixed price three-year convertible note with a coupon price of WSJ Prime Plus 2.0% per annum. The convertible note may be converted at Laurus' option into the Company's common stock at a fixed conversion price of $1.46. The Company also issued five year warrants to Laurus to purchase 350,000 shares of the Company's common stock at exercise prices ranging between $1.60 and $2.01 per share. Arvin Scott, President and Chief Executive Officer of the Company said, "We are very pleased to have this agreement in place with Laurus and look forward to a long and mutually beneficial working relationship with them. The issuance of the convertible note provides us with funding to address our current needs and additional working capital to support our growth plans. We also wish to thank Reedland Capital Partners, especially Mr. Eric Sloane, for assistance in the transaction." David Grin, Partner at Laurus, commented, "We are impressed by Universal Automotive Industries' management team and believe their experience has positioned the company for exciting growth potential. We are pleased to enter into a long -term relationship with Universal Automotive Industries." The Company, headquartered in the Chicago area, specializes in the distribution and manufacture of brake rotors and other brake parts, under its trademarks "UBP - Universal Brake Parts," and "Ultimate" in the United States and Canada. For further information contact: Robert W. Zimmer, CFO (708-293-4050, extension 227). This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks, uncertainties (including those risk factors referenced in the Company's filings with the Securities and Exchange Commission), and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements of the Company expressed or implied by such forward-looking statements. DATASOURCE: Universal Automotive Industries CONTACT: Robert W. Zimmer, CFO of Universal Automotive, +1-708-293-4050, ext. 227 Company News On-Call: http://www.prnewswire.com/comp/133263.html

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