Universal Express, Inc. -USXP- Receives Over $100,000,000 in Funding Committments.Business Editors NEW YORK--(BUSINESS WIRE)--May 23, 2002 Universal Express, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: USXP) - announced today it has received the first two financial commitments, with others anticipated, from two International Hedge Funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" to effectuate ef·fec·tu·ate tr.v. ef·fec·tu·at·ed, ef·fec·tu·at·ing, ef·fec·tu·ates To bring about; effect. [Medieval Latin effectu targeted acquisitions and to continue growing its corporate infrastructure. Today's commitments will be specifically used for on-going negotiated acquisitions, as well as deposits on future acquisitions to be discussed. "To complete our corporate objectives, USXP obviously needs to jump start revenues, profits and logistical capabilities. Fortunately, that belief is shared by these investors, who have already invested over $5,000,000 with USXP over the past five years", said Richard A. Altomare, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of USXP. "These monies will be invested initially as debt and equity only at prices well above the current market value as we move forward with these planned acquisitions. These financial developments further prepare us to add essential components for our delivery capabilities, revenues, brand recognition and stock valuation. Obviously, as overall capital and stock markets experience some adjustments, developing companies like Universal Express with capital can now seize the opportunities that are readily available to it", concluded Mr. Altomare. ABOUT UNIVERSAL EXPRESS Universal Express, Inc. (USXP) owns and operates several subsidiaries including Universal Express Capital, Universal Express Logistics (including VirtualBellhop) and Private Postal Network (PPN PPN - Project-Programmer Number. A user-ID under TOPS-10 and its various mutant progeny at SAIL, BBN, CompuServe and elsewhere. Old-time hackers from the PDP-10 era sometimes use this to refer to user IDs on other systems as well. ). These subsidiaries provide the private postal industry and consumers with value-added services and products, logistical services, equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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