Universal Communication completes private placement of convertibles for $2.5 million

By Sheri Kasprzak

New York, Oct. 17 - Universal Communication Systems, Inc. settled a private placement of convertible debt for $2.5 million.

The offering was closed in two tranches with the first tranche closed Feb. 28.

The full terms of the offering could not be determined by press time Tuesday.

Based in Miami Beach, Fla., Universal develops solar-powered consumer electronic products.

The company's stock gained 0.03 cents on Tuesday to close at $0.0055 (OTCBB: UCSY).

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