Union Equity, Inc. Increases Revenues by Over 173% for Three Months Ending September 30, 2011 as Compared to the Same Quarter Last Year
ORLANDO, FL, Nov 15, 2011 (MARKETWIRE via COMTEX) -- Union Equity Inc. (PINKSHEETS: UNQT) is pleased to announce that the Company has generated $247,879 in revenue for the three months ending September 30, 2011 as compared to $90,679 in revenue for three months ending September 30, 2010 which is an increase of 173%. The increase in revenue is due to the Company's increase in class 8 semi trucks which generate additional lease revenues and management fees.
Union Equity reported total net income of $80,135 for three months ending September 30, 2011 as compared to ($53,429) for three months ending September 30, 2010, which is over a 200% increase. The increase in net income is due to the increase in lease revenue and management fees produced by the Company's subsidiary.
Union Equity continues to increase its class 8 semi truck inventory.
The Company is positioned to expand its presence within the $671 billion U.S. truck transportation industry. Union Equity is currently in negotiations with several wholesalers of both new and used class 8 trucks. The Company is also in negotiations with several funding sources with a goal of increasing cash flow into the Company.
"We are extremely pleased to have delivered such a solid third quarter. The results only solidify our resolve to market and expand our business model nationwide," stated Joam St. Jean, CFO of Union Equity, Inc.
For more information, please visit: www.unionequityinc.info Follow Union Equity, Inc. on Twitter: http://twitter.com/#!/UNQT About Union Equity, Inc.
Union Equity is a commercial truck leasing business engaged in leasing class 8 commercial trucks to owner operators located around the contiguous 48 states since 1999. Many owner operators drive on a for hire basis for Fortune 500 companies, while others have their own authority to haul freight throughout the United States. Union Equity's strategy has been to target both groups of owner operators through an aggressive marketing program and complete "one stop shop" solution for the owner operator. Through their unique business model, Union Equity is able to provide owner operators with a leased truck regardless of their credit history. Owner operators need only to have a valid commercial driver's license, acceptable insurance, proof of a shipper's intent to hire, and a willingness to work.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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