Five and Under

[ukie]

USXP: volume on news.Universal Express Increases Valuation And Announces Annual Report



THURSDAY , OCTOBER 18, 2001 10:08 AM

NEW YORK, Oct 18, 2001 (BUSINESS WIRE) -- Universal Express, Inc. (OTC BB:USXP) filed its 10-K for its fiscal year ended June 30, 2001.

This filing reflects the concentration and consolidation by the Company of its core businesses, the PBC Network, WorldPost(TM) and Luggage Express(TM). On October 10, 2001, the Company announced the agreement to purchase TraveLite/Virtual Bellhop, an acquisition which is synergistic to the Company's core business and positions its luggage movement business as an industry leader.

The sale of Skynet Miami during fiscal 2001 resulted in a value to USXP of approximately $3,000,000 in cash, services and territory rights. In addition, USXP expects to market its Skynet/WorldPost(TM) territory business opportunity throughout North America. USXP has also received $700,000 in shipping service credits to pass on to its postal stores members of its trade association. As a result of the sale, the Company relieved itself of approximately $2,000,000 in consolidated liabilities.

During fiscal 2001, the Company paid off $810,000 in convertible debentures and additional debt of $450,000 totaling $1,260,000 of debt in exchange for its common stock.

The Company also paid off additional loans and stock rights of approximately $1,100,000.

As indicated in the annual report, the Company strongly believes that convertible debentures and stock rights added to the short selling stock pressures that USXP has been subjected to in the past few years and resulted in their recent cash judgment. The Company believes that the present short selling position now equals or exceeds the total shares of stock issued. The Company decided to pay off all of its convertible debentures and stock rights and to promote its corporate identity at this specific time and to accumulate the necessary cash to financially support its acquisition program for its development. Subsequently, the Company has requested the return of 5,500,000 of previously issued consultant shares and has begun negotiations to re-purchase over 18,000,000 of these issued shares with its new capital and longer term debt that the Company is presently negotiating.

"Developing a stable and self-perpetuating public company without initial financial infusion necessitates loans and then paying with stock. USXP has successfully developed a well known and well traded stock awareness during these past 5 years. Our continuing to develop our core businesses, continuing the collection efforts on our $389,000,000 judgement and applying for additional and alternative trading exchanges here and abroad, will be our directives for 2002", said Richard A. Altomare, President and CEO of USXP.

Universal (USXP) operates several other subsidiaries in logistics (Luggage Express(TM)) and International shipping (WorldPost(TM)). 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.