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PRESS RELEASE

FOR IMMEDIATE RELEASE

September 18, 2019

Universal Mfg. Co. (UFMG) announces that after unsuccessfully attempting to resolve its financial issues or sell its assets as a going concern, it entered into an agreement with its secured lender, Security First Bank (the “Bank”), to tender all of its remaining assets to the Bank in partial satisfaction of obligations owing to the Bank. The transactions closed effective at the close of business on September 18, 2019. Effective at that time, all employees of UFMG were terminated and UFMG ceased all operations. UFMG is now without assets; however, it remains obligated on substantial liabilities.