Shareholders approve asset sale to Feit Electric; dissolution fails; board evaluating alternatives

UNIVERSAL SAFETY PRODUCTS, INC.

Asset Sale to Feit Electric approved with 1,550,126 votes For (required 1,541,858); 43,486 Against.
Dissolution failed: 1,539,736 For (1,858 short of 66 2/3% requirement); company cannot proceed with dissolution.
Charter Amendment approved: name change to Universal Safety Products, Inc. with 1,918,732 For.
Board evaluating alternatives: cash dividend, acquisitions, reverse merger/recapitalization to provide shareholder value.
Company considering transaction to allow cash distribution; further details to be announced per SEC/NYSE rules.

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