WILMINGTON, Del., March 29, 2007 (PRIME NEWSWIRE) -- Universal Capital Management, Inc. (OTCBB:UCMT), a Business Development Company which provides emerging growth companies with management and strategic resources for successful growth, noted today that Third-Order Nanotechnologies, Inc. entered into a corporate restructuring program by recruiting Mr. Hal Bennett, an industry savvy and seasoned manager to its Board of Directors.
The decision to recruit Mr. Bennett to the Board was made in anticipation of an internal restructuring of corporate management that will be required to successfully incorporate the company's technology into functional commercial products, which is anticipated to occur later this year.
Mr. Bennett has acted as a corporate restructuring advisor for large high-tech corporations, including DuPont, Silicon Graphics, 3M and Sun Microsystems. In addition, Mr. Bennett has successfully implemented a program for DuPont to outsource innovation by creating a new business model for DuPont Ventures. He gained extensive experience in starting and growing companies in Silicon Valley, including Aprex, West End Partners Imaging and Digital Research.
Michael Queen, President of Universal Capital Management, Inc. said, "We are extremely excited and pleased by the addition of such a high caliber person as Mr. Bennett to the team at Third-Order. We believe that his expertise and experience will hasten the commercialization and expand the market applications of Third-Order's breakthrough technology." Mr. Queen added once again that, "This is another in the recent succession of steps taken by Third-Order to emerge from a development stage research and development company to commercialization." Moreover, Mr. Queen said that, "These steps should increase shareholder value of Third-Order as well as Universal, since Third-Order is such a significant portfolio holding."
Frederick Goetz, President of Third-Order said, "The addition of Hal Bennett to Third-Order's board of directors comes on the heels of a similar expansion of the company's technological breadth: the addition of Terry Turpin, CTO of Essex Corporation, a subsidiary of Northrop Grumman, and the father of Hyperfine Wavelength Division Multiplexing, to the scientific advisory board of Third-Order; and a technology partnership agreement with Photon-X LLC, a leader in nanofabricated polymer waveguide optical circuits."
About Universal Capital Management
Universal Capital Management, Inc. is a publicly traded business development company created under the Investment Act of 1940. Its purpose is to provide an opportunity for its shareholders to diversify risk by investing in a fund that assists its portfolio companies to grow and increase in value.
Please visit the company's web site for additional information at http://www.unicapman.com
About Third-Order Nanotechnologies
Third-Order (www.third-order.com) is developing high-activity, high-stability electro-optic polymers for application in the electro-optic device market. Electro-optic devices convert data from electric signals into optical signals for use in communications systems and in optical interconnects for high-speed data transfer.
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