Universal Capital Management, Inc. announced that the registrant's board of directors appointed Thomas J. Marino as Executive Chairman of the registrant's Board of Directors. The position of Executive Chair of the Board of Directors is an executive position with the registrant. Mr. Marino accepted his nomination to this position on that same date.

Mr. Marino's term as a member of the Board of Directors will continue until the next annual stockholder's meeting or until his successor is duly appointed and Michael D. Queen resigned as the registrant's President and Chief Executive Officer. Mr. Queen continues to serve as a member of the registrant's Board of Directors and his term as a member of the Board of Directors will continue until the next annual stockholder's meeting or until his successor is duly appointed.