Universal Express Expects to Collect $389 Million up over 300% http://biz.yahoo.com/bw/010730/2338.html
Monday July 30, 9:47 am Eastern Time
Universal Express Expects to Collect on Record $389 Million Jury Award
NEW YORK--(BUSINESS WIRE)--July 30, 2001--Universal Express, Inc.'s (OTC:USXP - news) General Counsel, Chris Gunderson, in response to numerous inquiries, clarified yesterday's press release on the award of a record $389 Million Dollar damage judgment in favor of the Company against Select Capital, Ronald G. Williams and Walter S. Kolker rendered after trial before a jury in the Circuit Court, Dade County, Florida on Wednesday, to the effect that the Company expects to collect a substantial part of the judgment within a relatively short period of time.
``Our trial counsel, Arthur W. Tifford, of Miami, has a great deal of experience against these defendants and has collected monies against them in other cases. Mr. Tifford expects to recover on behalf of the Company a substantial part of the judgment with a relatively short period of time, stated Mr. Gunderson.
``The jury, after hearing testimony during the day, deliberated for an hour or so and brought in the record verdict based on the extensive frauds of the defendants toward the Company. They were instructed by a very experienced judge, Circuit Judge Eleonor Schockett, they asked questions of the witnesses under a new procedure in Florida, and the judgment upon the verdict of $389 million dollars was entered by Judge Schockett'', stated Mr. Gunderson. This judgment, which includes $275 million dollars in punitive damages, is final and cannot be appealed. Also, the judgment is grounded in fraud and is not subject to discharge in bankruptcy``, Mr. Gunderson further stated.
``We are very grateful to the jury and the Court and will forcefully pursue collection steps through our attorneys by all means available, both here and abroad, to justify the jury's confidence in the Company'', stated Richard A. Altomare, President and CEO of USXP. ``Should there be any sums not collected, they appear to be able to be carried over as a tax loss for the Company or any acquiring company. This is an additional benefit not yet fully addressed and still being studied by our professionals and advisors'', continued Mr. Altomare.
Universal (USXP) operates several other subsidiaries in logistics (Luggage Express(TM)) and International shipping (WorldPost). Its association of private postal stores (PBC) provides various support services and numerous other programs to its members.
Visit Universal Express and its subsidiaries on the web at http://www.usxp.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Universal Express, Inc.
Chris Gunderson, 917/639-4154