Universal Capital Management, Inc. Announces That PSI-TEC Holding Corp. Has Been Awarded the Frost and Sullivan Innovation Award

WILMINGTON, Del., Sept. 7, 2006 (PRIMEZONE) -- Universal Capital Management, Inc. (OTCBB:UCMT), a Business Development Company which provides emerging growth companies with management and strategic resources for successful growth, noted today that PSI-TEC Holding Corp. (Pink Sheets:PTHO) has received the Frost & Sullivan 2006 North American Electro-Optic materials Technology Innovation of the Year Award.

About the Award and Frost & Sullivan

Frost & Sullivan's Technology Innovation of the Year Award is bestowed upon the candidate whose original research has resulted in innovations that have, or are expected to bring, significant contributions to multiple industries in terms of adoption, change, and competitive posture. This award recognizes the quality and depth of the candidate's research and development program as well as the vision and risk-taking that enabled it to undertake such an endeavor.


PSI-TEC (www.psiteccorp.com) is developing high-activity, high-stability electro-optic polymers for application in the electro-optic device market. Electro-optic devices convert data from electric signals into optical signals for use in communications systems and in optical interconnects for high-speed data transfer. PSI-TEC is a portfolio company of Universal Capital Management, Inc.

About Universal Capital Management

Universal Capital Management, Inc. is a publicly traded Business Development Company created under the Investment Act of 1940. Its purpose is to assist its portfolio companies with funding and management to facilitate growth and increase their value.

The primary investment objective of Universal Capital Management is to increase its net assets by adding value to each of its portfolio companies and thus, increasing stockholder value. The Company's Net Asset Value is the potential driving force for its market value. Management believes that the Company will be able to achieve these objectives by concentrating on investments in companies which are most likely to benefit from management's expertise in finance, strategic planning, operations, and technology.

Please visit the company's website at http://www.unicapman.com.

Forward-Looking Statements

The information contained in this press release may contain "forward-looking statements." You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," "believe," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to the following which could affect Universal Capital Management, Inc. or one or more portfolio companies: general economic and business conditions, effects of continued geopolitical unrest, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.

CONTACT:  Insight Capital Consultants
          Brock Malky
          (724) 742-4420
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