**Exhibit      99.1**

|  |   **For                Immediate Release**Contact:                Harvey Grossblatt, CEO Universal                Security Instruments, Inc.410-363-3000,                Ext. 224orDon                Hunt, Jeff Lambert Lambert,                Edwards & Associates, Inc. 616-233-0500 |
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**Universal      Security Instruments Reports First-Quarter Results**

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**UNIVERSAL      SECURITY INSTRUMENTS, INC.**

**CONSOLIDATED      STATEMENTS OF INCOME**

|                                                                   |   |  Three Months Ended September 30, |      |
|------------------------------------------------------------------------|--------|------------------------------------------------------------|-----------|
|                                                                   |   | 2008                                                       |      | 2007 |   |
| Sales                                                                  |   | $                                                          | 8,381,379 |   | $ | 9,689,537 |   |
|                                                                   |   |                                                       |      |   |   |   |   |
| Net                  income from continuing operations                 |   |                                                       | 656,301   |   |   | 802,107 |   |
| Income                  per share from continuing operations:          |   |                                                       |      |   |   |   |   |
| Basic                                                                  |   |                                                       | 0.26      |   |   | 0.32 |   |
| Diluted                                                                |   |                                                       | 0.26      |   |   | 0.32 |   |
|                                                                   |   |                                                       |      |   |   |   |   |
| Gain                  (loss) from discontinued operations              |   |                                                       | 3,434,913 |   |   | (483,977 | ) |
| Gain                    (loss) per share from discontinued operations: |   |                                                       |      |   |   |   |   |
| Basic                                                                  |   |                                                       | 1.38      |   |   | (0.19 | ) |
| Diluted                                                                |   |                                                       | 1.38      |   |   | (0.19 | ) |
|                                                                   |   |                                                       |      |   |   |   |   |
| Net                  income:                                           |   |                                                       | 4,091,214 |   |   | 318,130 |   |
| Net                  income per share – basic                    |   |                                                       | 1.64      |   |   | 0.13 |   |
| Net                  income per share – diluted                  |   |                                                       | 1.64      |   |   | 0.13 |   |
| Weighted                  average number of common shares outstanding: |   |                                                       |      |   |   |   |   |
| Basic                                                                  |   |                                                       | 2,486,176 |   |   | 2,483,605 |   |
| Diluted                                                                |   |                                                       | 2,486,176 |   |   | 2,515,513 |   |

**CONSOLIDATED      STATEMENTS OF INCOME**

|                                                                   |   | Six Months Ended September 30, |       |
|------------------------------------------------------------------------|--------|----------------------------------------------------|------------|
|                                                                   |   | 2008                                               |       | 2007 |   |
| Sales                                                                  |   | $                                                  | 14,574,180 |   | $ | 19,375,195 |   |
|                                                                   |   |                                               |       |   |   |   |   |
| Net                  income from continuing operations                 |   |                                               | 1,113,440  |   |   | 2,009,908 |   |
| Income                  per share from continuing operations:          |   |                                               |       |   |   |   |   |
| Basic                                                                  |   |                                               | 0.45       |   |   | 0.81 |   |
| Diluted                                                                |   |                                               | 0.45       |   |   | 0.80 |   |
|                                                                   |   |                                               |       |   |   |   |   |
| Gain                  (loss) from discontinued operations              |   |                                               | 3,381,254  |   |   | (900,775 | ) |
| Gain                  (loss) per share from discontinued operations:   |   |                                               |       |   |   |   |   |
| Basic                                                                  |   |                                               | 1.36       |   |   | (0.36 | ) |
| Diluted                                                                |   |                                               | 1.36       |   |   | (0.36 | ) |
|                                                                   |   |                                               |       |   |   |   |   |
| Net                  income:                                           |   |                                               | 4,494,694  |   |   | 1,109,133 |   |
| Net                  income per share – basic                    |   |                                               | 1.81       |   |   | 0.45 |   |
| Net                  income per share – diluted                  |   |                                               | 1.81       |   |   | 0.44 |   |
| Weighted                  average number of common shares outstanding: |   |                                               |       |   |   |   |   |
| Basic                                                                  |   |                                               | 2,487,017  |   |   | 2,481,802 |   |
| Diluted                                                                |   |                                               | 2,487,017  |   |   | 2,523,316 |   |

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**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                                                                                                                                                               |   | September 30, 2008 |       | March 31, 2008 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|------------|--------------------------|--------|
| ASSETS                                                                                                                                                                                                                                             |   |                         |       |                     |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |
| Cash                                                                                                                                                                                                                                               |   | $                            | 22,298     |                     | $      | 3,863,784 |   |
| Accounts                  receivable and amount due from factor                                                                                                                                                                                    |   |                         | 6,842,987  |                     |   | 6,144,169 |   |
| Inventory                                                                                                                                                                                                                                          |   |                         | 8,684,870  |                     |   | 5,357,488 |   |
| Prepaid                  expenses                                                                                                                                                                                                                  |   |                         | 342,790    |                     |   | 206,197 |   |
| Current                  assets of discontinued operations                                                                                                                                                                                         |   |                         | 260,009    |                     |   | 2,850,731 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| TOTAL                  CURRENT ASSETS                                                                                                                                                                                                              |   |                         | 16,152,954 |                     |   | 18,422,369 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| INVESTMENT                  IN HONG KONG JOINT VENTURE                                                                                                                                                                                             |   |                         | 10,662,922 |                     |   | 9,986,579 |   |
| PROPERTY,                  PLANT AND EQUIPMENT – NET                                                                                                                                                                                         |   |                         | 107,722    |                     |   | 130,347 |   |
| OTHER                  ASSETS AND DEFERRED TAX ASSET                                                                                                                                                                                               |   |                         | 2,699,454  |                     |   | 1,929,622 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| TOTAL                  ASSETS                                                                                                                                                                                                                      |   | $                            | 29,623,052 |                     | $      | 30,468,917 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| LIABILITIES                  AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                        |   |                         |       |                     |   |   |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| Amount                  due to factor                                                                                                                                                                                                              |   | $                            | 625,594    |                     | $      | - |   |
| Accounts                  payable and accrued expenses                                                                                                                                                                                             |   |                         | 3,761,988  |                     |   | 2,465,292 |   |
| Current                  liabilities of discontinued operations                                                                                                                                                                                    |   |                         | 260,009    |                     |   | 7,823,450 |   |
| Accrued                  liabilities                                                                                                                                                                                                               |   |                         | 1,032,239  |                     |   | 665,080 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| TOTAL                  CURRENT LIABILITIES                                                                                                                                                                                                         |   |                         | 5,679,830  |                     |   | 10,953,822 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| LONG                  TERM OBLIGATION                                                                                                                                                                                                              |   |                         | 93,915     |                     |   | 91,160 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| SHAREHOLDERS’                  EQUITY:                                                                                                                                                                                                       |   |                         |       |                     |   |   |   |
| Common                  stock, $.01 par value per share; authorized 20,000,000 shares;                  issued and                  outstanding 2,483,867 and 2,487,867 at September 30, 2008 and March                  31,                  2008 |   |                         | 24,840     |                     |   | 24,879 |   |
| Additional                  paid-in capital                                                                                                                                                                                                        |   |                         | 13,439,750 |                     |   | 13,453,378 |   |
| Retained                  earnings                                                                                                                                                                                                                 |   |                         | 10,384,717 |                     |   | 5,890,023 |   |
| Other                  comprehensive income                                                                                                                                                                                                        |   |                         | -          |                     |   | 55,655 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| TOTAL                  SHAREHOLDERS’ EQUITY                                                                                                                                                                                                  |   |                         | 23,849,307 |                     |   | 19,423,935 |   |
|                                                                                                                                                                                                                                               |   |                         |       |                     |   |   |   |
| TOTAL                  LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                  |   | $                            | 29,623,052 |                     | $      | 30,468,917 |   |

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