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Unico, Inc.: Unico, Inc. Announces Filing of Amended Annual and Quarterly Reports Showing $4.8 Million Reduction of Accumulated

^{Published on 2009-10-15 06:51:47 - Market Wire}
 

SAN DIEGO, CA--(Marketwire - October 15, 2009) - Unico, Incorporated (OTCBB: [ UNCO ]), a natural resource company in the precious metals mining sector, has filed an amended annual report for the fiscal year ended February 28, 2009 and an amended quarterly report for the period ended May 31, 2009, which show the expected reduction of the company's accumulated deficit of over $4,800,000. The company previously filed a Current Event on Form 8-K regarding the expected deficit reduction. A link to all of these filings can be found on the company's website at [ http://www.unicomining.com./IR/mailinglist.php ].

The amended reports were filed after Unico, Inc. received a comment letter from the U.S. Securities and Exchange Commission (S.E.C.) 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 2009 annual report and the quarterly report for the three months ended May 31, 2009 were restated in amendments filed by the company.

As a result of the restatements, the derivative liability line item was removed from each balance sheet, and other related adjusting entries were made. As a result of these accounting corrections, the company's accumulated deficit as of February 28, 2009 decreased by $4,008,674, and the company's net loss for the fiscal year ended February 28, 2009 decreased by $3,021,016. As of May 31, 2009, the company's accumulated deficit was reduced by $4,834,007 and the company's net loss decreased by $825,333.

After the amended reports were filed, the company received a correspondence from the S.E.C. which stated that the Commission had no further comments at this time.

In addition to the amended reports, Unico has also filed its quarterly report for the period ended August 31, 2009 with the Securities and Exchange Commission.

"We are pleased to report the significant reduction in accumulated deficit as reflected in the amended annual and quarterly reports," said Mr. Wiedrich. "These changes will provide a more accurate picture of the company's financial condition as we move forward with our operations at the Deer Trail Mine and other properties under management. We are also pleased to have completed and filed the August 31 quarterly report within the required timeframe. Prompt financial reporting has been and will continue to be a high priority for Unico, Inc."

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.