PHOENIX, Jan. 21, 2000 (PRIMEZONE) -- Uniprime Capital Acceptance, Inc., (OTC:UPCA), today announced that it filed for protection under Chapter Eleven of the Federal Bankruptcy Act in the District of Arizona as a means to reorganize the company and to seek the release of its assets from the SEC freeze imposed against prior management.
This action was taken by new management in an effort to put the assets to use by the debtor in possession for the benefit of the approximately one thousand (1,000) shareholders and creditors. The SEC is seeking to have the assets disgorged into a Fund for the benefit of eighty-three (83) shareholders who purchased shares from the company between June 16, 1999 and August 13, 1999.