Universal Express Inc fka USXP

[eliaman]

$389 Million Dollar Jury Award to Universal Express — USXP —
Business Wire, July 26, 2001
Business Editors
NEW YORK--(BUSINESS WIRE)--July 26, 2001
Univeral Express, Inc. (OTC:USXP), announced that a jury in the Circuit Court, Dade County, Florida, yesterday awarded USXP a damage verdict after trial of $389 million dollars ($389,000,000) against Select Capital, Ronald G. Williams and Walter S. Kolker for fraud and conversion for failure to honor previous funding commitments and stock manipulation.
"We are very grateful to the Dade County jury for vindicating our rights and recognizing the substantial scope and value of our company," stated Richard A. Altomare, President and CEO of USXP.
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"This judgment is final and non-appealable. The company's trial counsel, Arthur W. Tifford, a prominent Miami attorney, will now take the necessary steps toward collection. Tifford has collected judgment monies against these defendants in a number of other cases," said Chris Gunderson, General Counsel of the company.
"On one level, it is gratifying to have a judicial system validate what we have been saying since 1998. On another level, collectibility is huge and now we are able to introduce professionals to trace the paper trail for collusion, damage culpability and offshore accounts. This might bring some compliance officers and insurance companies into this issue of collectibility. We will now allow the professionals to collect. We have done what we said we would do in 1998 and more," concluded Altomare.
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Universal (USXP) operates several other subsidiaries in logistics (Luggage Express(TM)) and International shipping (WorldPost). Its association of private postal store (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 risk 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 risk detailed from time to time in the company's filing with the Securities and Exchange Commission.
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