CHICAGO--(BUSINESS WIRE)--Ulysses Diversified Holdings Corporation (PINKSHEETS: UDHC) announced today that their audited financials have been finalized and are being submitted to OTC Markets. It is also noted that the Company reports on its fiscal year ending December 31, 2010.
Revenues were $1,400,568 for JNS Power & Control Systems, Inc. and balance sheet total assets were at $673,265. The Company considers several factors to identify and deal with uncollectible receivable accounts. The analysis performed includes the current financial strength of our company, age of the delinquent receivables, economic conditions that may have had an impact on a specific customer, customers filing for bankruptcy protection or simply ceasing to exist. Based on this analysis along with the current economic instability we wrote off $136,901 of bad debt (uncollectable) for years 2009 & 2010. With this one time write-off the Company will now show a 5% net loss of $72,582 or $(0.0007) per share in 2010.
Jean Howe, President and Chief Executive Officer stated, “We are encouraged by our year end momentum and we believe that our action today to aggressively restructure our business to operate more profitably will help development additional value and strengthen our balance sheet in 2011 and beyond. Already our first quarter revenues of 2011 have surpassed our projection which shows a bright future for our Company.”
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.