SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2012

SUBSEQUENT EVENT

SUBSEQUENT EVENT

13. SUBSEQUENT EVENT

        Immediately following the close of trading on January 22, 2013, the Company affected a 1 for 10 reverse stock split for its common stock. With the reverse stock split, every ten shares of the Company's issued and outstanding common stock were combined into one issued and outstanding share of common stock. The reverse stock split had no effect on the par value of the shares or the authorized number of shares of the Company. The reverse split reduced the number of URI's outstanding common stock from approximately 161.1 million shares to approximately 16.1 million shares. All share data herein has been retroactively adjusted for the reverse stock split.

        In March, 2013 the Company completed a Shareholder Rights Offering (the "Rights Offering") which raised $8.9 million through the sale of 3.5 million shares of the Company's common stock. In connection with the Rights Offering, $5.0 million was used to repay the RCF short term loan facility and RCF was issued 1.96 million shares of the Company's common stock bringing their ownership percentage in the Company to 32.8%. Under the Rights Offering, each URI shareholder and warrant holder received one non-transferrable subscription right for each share of common stock owned or subject to a warrant as of 5:00pm ET on January 28, 2013 (the "Record Date"). Every subscription right entitled the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share. In December 2012, URI and RCF entered into a standby purchase agreement pursuant to which RCF agreed, subject to certain conditions, to participate in the Rights Offering and to exercise rights so that total proceeds to the Company would equal at least $8.0 million.