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USXP news out now. Universal Express Not to Purchase North American Airlines
Business Wire - November 24, 2003 10:44

NEW YORK, Nov 24, 2003 (BUSINESS WIRE) -- Universal Express, Inc. (OTCBB:USXP) announces the termination of its purchase agreement for the acquisition of North American Airlines. Universal Express is still awaiting the return of its deposit monies to properly cancel this transaction.

"During our 45 day due diligence period, our accountants raised questions regarding substantial liabilities and doubtful future revenues of NAA. Rather than risk an additional $1,500,000 non-refundable deposit without a face-to-face meeting, we decided to wait for clarification. Appointments and phone requests have at this time not been returned. The North American contract was devoid of reps and warranties, but frankly, our funders and I might have advanced if dialogues were possible and some concessions were agreed to", said Richard Altomare, CEO & President of Universal Express.

Mr. Altomare continued, "Deciding between long term corporate financial health and exciting future acquisitions outweighed risking additional monies without communication and forthright answers. Obviously, there is always a disappointment when an acquisition goal is not achieved, but considering the financial future needs of our luggage, trade association, credit card and equipment leasing divisions, must outweigh the unanswered risk of potential negative cash flow challenges. Although the transaction has been terminated, Universal Express wishes NAA continued success and leaves open the door for future discussion since we have completed our due diligence, should such opportunities materialize. We continue searching for synergistic airline partners.

"We apologize to our shareholders for NAA's press release which was issued without our review and notification."

Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express division), Universal Express Logistics, Inc. (Luggage Express and The Virtual Bellhop, LLC) and the WorldPost(TM) Private Postal Network, Inc. These subsidiaries and divisions provide the private postal industry and customers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide.

More information and news about Universal Express are available at 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.

SOURCE: Universal Express

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Ron Garner, 877-788-1940

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