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United EcoEnergy Corp.: United EcoEnergy Corp (UEEC) Announces 10% Stake in City 24/7 LLC

^{Published on 2009-10-08 11:46:23 - Market Wire}
 

NEW YORK, NY--(Marketwire - October 8, 2009) - United EcoEnergy Corp (OTCBB: [ UEEC ]), a Business Development Company, today announced the conversion of its outstanding notes due from City 24/7 LLC into a 10% equity position in that company.

City 24/7 LLC has partnered with a Fortune 100 telecommunications company to launch a new information system built to reinvigorate the existing payphone structure. The completely interactive "Super Booth" will broadcast locally relevant information and advertising in targeted locations. Several booths are already operational in various locations throughout New York City, including the Jacob Javits Center.

Tom Touchet, President of City 24/7, stated, "We couldn't be more excited by our relationship with UEEC. Their strategic vision, complementary resources and integrity made the decision an easy one for us. Our service is unique and we want to work with companies that see our potential and contribute added value as we grow."

Kelly Hickel, Chairman of UEEC, said, "We believe the progress of City 24/7 over the last 12 months merits us taking an equity position in the company. We are excited to be working with them on this unique opportunity to provide 'out of home' internet-based information systems which incorporate new technology with traditional technology and re-use of existing physical platforms."

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof except as required by law.