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:: Thursday, October 02, 2003 ::
ULLICO Inc. Raises $50 Million in Private Offering, Receives Unqualified Opinion on 2002 Financial Statements
(BUSINESS WIRE) Simultaneously with the capital infusion, ULLICO's outside auditors, PricewaterhouseCoopers, on September 30 issued an unqualified financial opinion on the corporation's 2002 financial statements. These statements had not been released earlier because of "going concern" issues raised by the auditors. Those issues have now been resolved.
Unions Invest $50 Million More in Ullico (washingtonpost.com) By Neil Irwin
Company officials said the Ullico's losses in the last two years were partly attributable to high legal fees from the controversy.
'There was a period of time prior to May 8 [when the new management team took over] when there were questions about how much faith the labor movement had in Ullico,' said James Kennedy, a senior vice president at Ullico. 'Now there shouldn't be any question at all.'------------------------------------------- posted 6:48 AM :: reference link ::
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