Todays News Release...
United American Corporation Acquires Majority Stake in Dialek Telecom
MONTREAL, May 18, 2005 (BUSINESS WIRE) --
United American Corporation (NASD OTCBB:UAMA) is pleased to announce that it has acquired Dialek Telecom of Sherbrooke, Quebec. Dialek will become a subsidiary of United American Corp., owned 75% by United American and 25% by Dialek's original founder. Dialek Telecom is a leading independent provider of telecommunications services to residential and business clients, including broadband internet connectivity, Voice-over Internet Protocol (VoIP) services and traditional telephone lines. Dialek has over 625 existing customer relationships as well as strong partnerships with major providers such as Sprint Canada, Videotron Ltd., Groupe Telecom and Cogeco Cable.
Dialek currently produces US$350,000 annual revenues. United American believes that by leveraging its strength in development and delivery of telecommunications services, Dialek's revenues will grow significantly in the future.
The Dialek acquisition will further enhance United American shareholder value by increasing its portfolio of high-value assets, alongside its wholly-owned subsidiary United American Telecom. As an example of United American's ability to create high value for shareholders by incubating and then spinning off growing telecommunications assets, please refer to press release dated May 9, 2005 "United American Corp. Announces Details of Completed Share Exchange Agreement Leading to Teliphone Spin-Off". Investors are still able to participate in the spin-off by purchasing UAMA shares prior to May 30, 2005.
About United American Corporation
United American Corporation is a holding and management company focused on next generation Voice over Internet Protocol (VoIP) based telecommunications. The organization has recently spun-off its VoIP services company, Teliphone Inc., where shareholders received a property dividend of the new corporation. The company is now focused on growing its new flagship subsidiary, United American Telecom, with 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
United American Corporation
Investors Relations
(514) 313-5960
investorsrelations@unitedamericancorp.com
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