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Monday, 07/29/2002 2:32:43 PM

Monday, July 29, 2002 2:32:43 PM

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Universal Media Holdings Announces the Acquisition of Galaxy Telecom

NEW YORK, May 2, 2002 /PRNewswire-FirstCall via COMTEX/ -- Universal Media Holdings Inc. (OTC Bulletin Board: UMHI) announces that they have completed the purchase of 52% of Incomm Holdings, Inc. of Vancouver, British Columbia. Incomm Holdings has received 2 Million Common shares of Universal Media Holdings as a result of this transaction.

Incomm Holdings operates as Galaxy Telecom out of Vancouver British Columbia and is a leader in integrated IP solutions, with a focus on corporate Virtual Private Networks, and Voice over IP integration into global Business Environments. The company is a leader in designing and operating VoIP origination and termination solutions and also provides VoIP long distance termination services into Canada and Asia. They recently signed an agreement with Presto Telecommunications, Inc., ( a Latin American telephone carrier which has an extensive fiber network and Class A communications license in Mexico enabling it to offer Corporate Virtual Private Networks and Long distance origination to and from Mexico to the rest of the World.

"We're fortunate that we can acquire such a large interest in a company like Galaxy Telecom," remarked Douglas Thiessen, President and CEO of Universal Media Holdings.

"We are impressed with their business model, which facilitates growth without sacrificing profitability. And we believe that "Converged IP solutions" are a key to success in Businesses today, not only of the future, but of the present. We really like Galaxy's presence in the Chinese market, where they already terminate millions of minutes per month, and see the opportunities in Mexico. Mexico is one of the most profitable destinations for voice traffic in the world, and will contribute substantially to Universal Media Holding's revenue and earnings. "

"Our agreement with Presto, which includes long distance telecommunications origination and termination rights in Canada and China to Mexico, should vault us to the forefront of VoIP service provision companies in North America," commented Clay Perrault, President of Galaxy Telecom. "We won this contract over other larger players in the industry because of our expertise and experience in the facilitation of Converged IP solutions such as "business class" IP telephony services in a cost effective manner. "We are also looking very favorably to this acquisition by Universal Media Holdings. The board of directors of UMHI are very forward thinking, driven, and understand the potential in converged IP solution delivery."

Information about Galaxy Telecom can be obtained via the company's website: .

The Company plans to announce further news releases and update the shareholders on the status of pending new releases in the near future.

SOURCE Universal Media Holdings Inc.

CONTACT: Douglas Thiessen, Investor Relations of Universal Media Holdings Inc., +1-403-678-9763 (UMHI)


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