ORLANDO, Fla., Oct. 28, 2010 (GLOBE NEWSWIRE) -- UNR Holdings, Inc. (OTCBB:UNRH) ("UNR" or the "Company"), a housing and commercial construction and development company, announced today that in the first nine months of 2010 the Company has won court judgments and collected payment in three lawsuits filed against the Russian Ministry of Defense ("MoD").
As of October 25, 2010, UNR has collected a total of $4,321,530 year-to-date in suits the Company filed against the MoD for failure to fulfill contractual obligations. Specifically, the suits claim that the MoD refused to compensate UNR for services provided by the Company's subcontractors on its residential developments in Moscow. The three suits were worth $554,340, $657,793, and $3,110,198 and were filed between December 18, 2008 and September 6, 2009.
Mr. Alexey Kim, Chief Executive Officer of UNR, stated, "We are pleased to finally collect on these accounts receivable after a long period of litigation and appeals. We will continue to fight for the remaining balance of approximately $30 million owed us by the Ministry of Defense and will put forth our best efforts to ultimately collect the full amount due."
About UNR Holdings, Inc.
UNR Holdings is a holding company that has a 68% ownership in its subsidiary, 494 UNR. 494 UNR is a diverse construction company with more than 40 years of success serving the Russian construction market. The Company specializes in housing and commercial construction developments. UNR also supplies and oversees the installation of its proprietary road and slopes stabilization material Prudon to infrastructure projects in various parts of Russia. While UNRH is involved in complex construction projects, the Company also assists the Russian government with infrastructure projects for oil and gas corporations, such as GAZPROM and TRANSNEFT. 494 UNR is one of the oldest and most established construction companies located and operating in Moscow and the Moscow area of the Russian Federation.
More detailed information on the housing projects is available at the UNR Holdings corporate website: .
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
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