News
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UBICS Announces Sale of Aircraft
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Canonsburg, PA (July 31, 2007) – UBICS, Inc. (www.UBICS.com) (UBIX.PK), a global
professional IT services organization, announced today that it has sold its Boeing
727 Aircraft to United Breweries Holdings, Ltd. for a purchase price of $4 million.
UBICS, through its UBICS Holding Company subsidiary, had acquired the aircraft in
2002 for $3,350,000, and expended an additional $650,000 to have certain renovations
made to the aircraft. Since December 2002, the aircraft had been “dry leased” to
United Breweries Holdings, Ltd., a controlled affiliate of The UB Group, an Indian
group of companies. Vijay Mallya, the Chairman of UBICS also serves as Chairman
of The UB Group.
“We are pleased to have closed on the sale of the aircraft and to have recovered
our entire $4.0 million investment in the aircraft.” said Sunil Patil, President
of UBICS. “UBICS will explore strategic investments to strengthen its IT services
offerings in the global market. Our Board and Management will be reviewing options
to determine how best to utilize the proceeds of this sale.” added Mr. Patil.
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About UBICS, Inc. |
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Founded in 1993, UBICS is an affiliate of the UB Group, a $5 billion multinational
group of companies headquartered in India. UBICS, with business operations in the
United States, United Kingdom and India provides IT Services, IT Solutions and IT
Products. A leader in the IT space, successes include projects spanning major sectors
such as airlines, manufacturing, processing, banking/finance, retail, automotive,
insurance, transportation, telecommunications, public utilities, entertainment,
and consumer goods. The Company is headquartered in Canonsburg, PA.
The Company's services include enterprise solutions, co-managed solutions, staff
augmentation and business process outsourcing in specialized areas such as ERP and
CRM package implementation and customization and e-Commerce/Internet services. UBICS
product offerings include “Ventive” – a Recruiting and Resourcing Software and “SeeItFirst”
– a patented interactive Video Streaming product.
Contact: UBICS, Inc.
412-746-6001
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Ranked 3rd in Pittsburgh
Technology Council's High
Tech Top 50 (1999 & 2000)
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Ranked 35th in America's
100 Fastest Growing
Companies by Individual
Investor (1998)
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Named in Pittsburgh's Top
50 by Pittsburgh Business
Times (1998)
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Conferred the "Inc. 500"
fastest-growing companies
award by the Inc. Magazine
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Pittsburgh Top 100
competition (ranked # 1 in
services and # 2 overall)
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