UVSL Universal Automotive Industries - Common Stock (MM)

Universal Automotive Engages New Independent Auditing Firm ALSIP, Ill., Sept. 8 /PRNewswire-FirstCall/ -- Universal Automotive Industries, Inc. (NASDAQ:UVSL) today announced it has engaged Blackman Kallick Bartelstein, LLP (Blackman Kallick) as its new independent auditing firm, effective September 3, 2004, succeeding Ernst & Young, LLP, which has been the company's auditors since 2002. Robert Zimmer, chief financial officer of Universal Automotive, said the change was based on a number of factors, including the rising costs of auditing fees, particularly as related to compliance with the Sarbanes-Oxley Act, and the relative size of Universal Automotive compared to other clients of Ernst & Young. Mr. Zimmer also noted that there have been no disagreements with Ernst & Young concerning accounting policies or other financial reporting issues. "We thank Ernst & Young for its past service, we look forward to working with Blackman Kallick, a firm that we believe is closely aligned with Universal Automotive," Zimmer said. "We look forward to establishing a close, constructive working relationship with Blackman Kallick as we complete the integration of our recent acquisition and begin an important, new period in our company's growth and development." About Blackman Kallick Bartelstein, LLP Blackman Kallick Bartelstein is one of the premier professional service firms based in Chicago. The firm employs more than 200 professionals dedicated to industries as diverse as manufacturing, construction, service, not-for-profit, distribution, hospitality and insurance. Universal Automotive Industries, Inc. Universal, headquartered in the Chicago area, distributes and manufactures brake rotors and other brake parts under its trademarks UBP - Universal Brake Parts, Evolution and Ultimate in the United States and Canada and under its proprietary Autospecialty, ValuMaxx and PowerStop brands. The company also provides TRW-branded brake rotors and drums and suspension products. DATASOURCE: Universal Automotive Industries, Inc. CONTACT: Robert W. Zimmer of Universal Automotive Industries, Inc., +1-708-293-4050, Ext. 227; or Roger S. Pondel or Robert Jaffe, both of PondelWilkinson, +1-310-279-5980, for Universal Automotive Industries, Inc.

Copyright