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United American Corporation Announces More Details About Proposed Spin-Off of its TeliPhone Inc. Subsidiary
MONTREAL, Mar 09, 2005 (BUSINESS WIRE) --
UAMA shareholders to receive 1 share of Teliphone Inc. for every share owned of United American Corp registered at the end of the business day April 15th, 2005.
United American Corporation (NASD OTCBB:UAMA) is pleased to announce details of its spin-off strategy of its wholly-owned Teliphone Inc. subsidiary, to be executed once it has received shareholder approval. Shareholders of UAMA stock as of the end of business day April 15, 2005 will receive 1 share in the new entity for every share of United American Corp. Teliphone Inc. intends to then perform all appropriate filing to register Teliphone Inc. with the United States Security and Exchange Commission (SEC) in order to become an independent, publicly traded company on a North American exchange. United American Corp. and Teliphone Inc. are currently evaluating various financing proposals that they will finalize in conjunction with the spin-off.
Benoit Laliberte, Chairman and Chief Executive Officer of United American Corporation adds: "Teliphone Inc. has realized key milestones in building its subscription and partnership base and is well positioned to take advantage of the explosive growth in the Voice over Internet Protocol (VoIP) industry over the next few years. The telecommunications sector is currently going through a revolution of change, and Teliphone Inc. is establishing itself as a major player in the market. By spinning off the company, the market will be able to properly ascertain its value and provide Teliphone Inc. management additional tools needed to execute their business plan in a more effective manner."
The spin-off of Teliphone Inc. is directly in line with management's objectives for United American as a holding and management company. Mr. Laliberte adds: "Our mission is to incubate companies in the VoIP space and to spin them off as they become viable on their own. Teliphone Inc. is a perfect example of the successful execution of this strategy". United American Telecom, another wholly owned subsidiary is another example of a VoIP company in the early stage of its development. Its CaribbeanONE termination switch is now fully operational, permitting the company to begin to build the necessary billing infrastructures to expand its business.
Shareholders of United American Corp. will continuously be rewarded with these types of property dividends as the company continues to innovate in this highly dynamic VoIP marketplace.
More details will be passed on to shareholders as new information becomes available.
About TeliPhone, Inc
Teliphone Inc. is a leading Voice over Internet Protocol (VoIP) telecommunications company offering next generation wireless and wireline internet communications solutions. Teliphone subscribers pay a monthly fee to make calls from various handheld devices to any phone number in the world. Teliphone offers its subscribers value-added services that simplify the way they communicate, through our Single Point of Contact, Teliphone, TeliphoneLine and iPCS services. Teliphone was one of the first companies to offer VoIP and Cellular "dual-mode" services to its subscribers, offering a fully-integrated and web-based billing structure and innovative unlimited long distance packages. With a preliminary focus on the consumer/Small Office Home Office (SOHO) markets, Teliphone is also the infrastructure of choice for consumers and businesses throughout the world through its private-label distribution partners. Teliphone Inc. operates its own Main CO (Central Office) in Montreal, Canada where all worldwide teliphoneTM devices are controlled, thus giving the company the advantage of centralized operations and cost reductions. The company has also established a CO in Manhattan, USA. For more information, visit the company website at www.teliphone.us .
About United American Corporation
United American Corporation is a holding and management company of next generation Voice over Internet Protocol (VoIP) based telecommunication Company. The organization currently has five subsidiaries. Each subsidiary operates in a specific niche market in a fast growing global worldwide IP-based telephony network. The company has created a network, which provides services from local IP-based telecommunication to international telecommunication carriers. TeliphoneTM, Inc operates sophisticated extended local communication VoIP central office, while United American Telecom, Inc operates CaribbeanONE(TM), a state-of-the-art International telecommunication route & gateway. For more information, visit the company website at www.unitedamericancorp.com .
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.
United American Corporation (OTC Bulletin Board:UAMA)
SOURCE: United American Corporation
Source:
George Metrakos
(514) 313-6010
OR
United American Corporation
Investors Relations
(514) 313-5960
investorsrelations@unitedamericancorp.com
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