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Unico, Inc.: Unico, Inc. Announces Filing of Form 8-K Reporting Reduction of Total Stockholders' Deficit by $4.7 Million

^{Published on 2009-09-10 09:03:28 - Market Wire}
 

SAN DIEGO, CA--(Marketwire - September 10, 2009) - Unico, Incorporated (OTCBB: [ UNCO ]), a natural resource company in the precious metals mining sector, has filed a Current Report on Form 8-K regarding an anticipated reduction on the company's Total Stockholders' Deficit as of May 31, 2009 by approximately $4,700,000. A link to the Form 8-K filing can be found on the company's website at [ http://www.unicomining.com./IR/mailinglist.php ].

The Form 8-K reports that Unico received a comment letter from the U.S. Securities and Exchange Commission dated July 29, 2009 relating to the company's Annual Report on Form 10-K for the fiscal year ended February 28, 2009 and its Quarterly Report on Form 10-Q for the quarter ended May 31, 2009. Following receipt of that comment letter, Unico's Chief Financial Officer Kenneth C. Wiedrich had discussions with certain staff accountants of the Securities and Exchange Commission concerning the proper accounting treatment relating to various convertible debentures previously issued by Unico. As a result of those discussions, Unico's Board of Directors concluded on August 31, 2009 that the convertible debentures had not been accounted for correctly. As a result, Unico's financial statements for the fiscal year ended February 28, 2009 and for the three months ended May 31, 2009 will be restated in Amendments to be filed to the Annual Report on Form 10-K for the fiscal year ended February 28, 2009 and Quarterly Report for the three months ended May 31, 2009.

As a result of the restatements, Unico anticipates that the Derivative Liability line item will be removed from each balance sheet, and other related adjusting entries will be made. As a result of these adjustments, Unico anticipates that its Total Stockholders' Deficit as of May 31, 2009 will be reduced by approximately $4,700,000.

"The reduction in Total Stockholders' Deficit of approximately $4,700,000 is clearly good news for the company and its shareholders," stated Mr. Wiedrich. "It has been Unico's position that the Derivative Liability line item has impacted the company's financial picture to a greater degree than it should, so we are pleased that we are able to restate our recent financial filings to reflect this significant reduction. As a fully reporting company, Unico always strives to provide only the most accurate picture possible to the public markets."

The filing also reports that the company's Board of Directors has approved a change to Unico's bylaws regarding the number of directors that the company will have. An amendment approved by the Board provides that the number of directors shall be established by Unico's Board of Directors by resolution from time to time, with a minimum of 3 directors and a maximum of 7 directors. The Board currently has 3 directors. Also, a new article to the bylaws was approved, which provides that the directors may, in their discretion, elect one of the directors by majority vote to serve as the Chairman of the Board of Directors.

Shareholders who would like to sign up to receive information by email directly from Unico, Inc., including when newsletters are posted to the company website, are asked to visit the company's website at [ http://www.unicomining.com/IR/mailinglist.php ] and fill in the appropriate fields.

About Unico, Inc.

Unico, Inc. (OTCBB: [ UNCO ]) is a publicly traded natural resource company in the precious metals mining sector that is focused on the exploration, development and production of gold, silver, lead, zinc, and copper concentrates at its two mine properties: the Deer Trail Mine and the Silver Bell Mine. Unico and its wholly owned Deer Trail Mining Company subsidiary completed the purchase of the Deer Trail Mine in 2007, and Unico has also announced agreements to acquire over 70 additional mining claims in the area of the Deer Trail Mine including the Clyde and Crown Point mining claims. For more information, please visit [ www.unicomining.com ].

Forward-Looking Statements: This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the company and its operations, are included on certain forms the company files with the Securities and Exchange Commission.