UNC Resources Inc. yesterday was forced to delay what it had billed as "a major announcement" at its annual stockholders meeting because it has not reached agreement on a merger that is expected to shift the company's direction.
UNC President Dan A. Colussy acknowledged that he had hoped to announce a major acquisition -- one that would signal a new and hopefully more profitable direction for UNC, which has just climbed out of the red after years of financial woes.
At the last minute, Colussy said, it became clear that negotiations were not far enough along to announce the deal.
"The company is in the final stages of negotiating some acquisitions," he said. However, he added, "we have not been able to complete negotiations. . . . We do not want to be rushed."
Colussy said he hoped the company would be able to announce an acquisition "in the not-too-distant future" -- perhaps within the next two weeks.
He said UNC was looking at several companies, including one that is "very closely involved in the international market," but declined to elaborate.
Ever since taking over the reins of the troubled Falls Church company last July, Colussy has made it clear he wants to get rid of the money-losing operations and buy new companies in high-growth areas such as telecommunciations, software or aerospace.
"UNC's future is a function of how successful our acquisition program is," Colussy told the four dozen shareholders at the annual meeting.