WILMINGTON, Del., April 12, 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 that one of its portfolio companies, Third-Order Nanotechnologies, Inc. (Pink Sheets:TDON), has acquired a new chief executive officer, Mr. Hal Bennett, former advisor for DuPont, Silicon Graphics, 3M and Sun Microsystems. The move is made as part of ongoing efforts to prepare Third-Order to commercialize fiber-optic communications components based on the company's breakthrough polymer lightwave switching technology.
"There are so many companies with billion dollar ideas that never get off the ground because they simply don't have the management and leadership to bring those ideas to fruition," explains Michael Queen, CEO of Universal Capital. "Third-Order is now moving into that phase where its leadership is absolutely essential to the market success of the company's truly revolutionary breakthroughs. Over the past month, Mr. Bennett has not only demonstrated himself to my personal standards as one of the finest examples of a CEO I've had the privilege of watching in action, but the response from the financial and scientific community, in which he is well respected, has been equally phenomenal."
In efforts to position and internally structure the company for commercialization efforts, Third-Order Nanotechnologies has recently undergone significant internal corporate restructuring, including the assigning of Hal Bennett as Director and CEO, the acquisition of Terry Turpin (Director and CTO of Northrop Grumman subsidiary, Essex Corporation) onto the company's advisory board, and partnership with lightwave component manufacturer Photon-X, LCC.
These initial efforts are anticipated to be the first steps in a dramatic and important restructuring of the company. Over the next several months, Universal expects Third-Order to undergo further and significant reorganization in order to aggressively develop the company's business, including the anticipated addition of members to its board of directors and a reorganization of chief officer positions. Universal will aid in this process in order to assure a smooth transition that affords Third-Order with an ultimate position of strength and market competitiveness.
About Universal Capital Management, Inc.
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
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