Universal Express -USXP- Subsidiary Announces National Contract with National Benefit Advisory Association.
NEW YORK--(BUSINESS WIRE)--Dec. 20, 2002
Universal Express, Inc. (OTC BB:USXP) today announced the execution of a contract by its subsidiary, the Private Postal Network ("PPN"), with American Business Management, Inc. ("ABMI") and National Benefit Advisory Association ("NBAA") to allow PPN to sell health and consumer benefit savings programs for ABMI and NBAA.
"This sales contract with ABMI and NBAA is estimated to generate significant additional revenues for the Private Postal Network," said Tom Chernoff, Director of the Private Postal Network. Revenues from such sales are projected to be approximately $5,000,000 and $10,000,000 for the years ending 2003 and 2004, respectively. Mr. Chernoff said that "the Private Postal Network will be offering this discount medical program to postal stores as a new revenue-generating opportunity for stores to offer to their customers and even shareholders of Universal Express, Inc. We are currently working on a full medical program for store owners and their employees who are members of the Private Postal Network."
ABMI manages NBAA, an association which provides health and consumer benefit savings programs to its members. Benefits include hospital and physician repricing benefits, vision care discounts with a $10 eye exam, a prescription plan with a $10 copay for generic drugs and discounts on brand name drugs, mail order pharmacy, dental care discounts, hearing care discounts, chiropractic care discounts, accidental death and dismemberment, accident medical expense, emergency rescue and legal and financial services discounts. "These high quality health and consumer discounts are available to individuals, families, self-employed persons and employees of companies. The health discounts, which are not health insurance, but rather an alternative to health insurance, allow uninsured, underinsured and even insured persons the opportunity to reduce healthcare expenses," stated Jerry Clark, President of NBAA.
"We are pleased that USXP intends to offer NBAA's products in all of the PPN stores. Due to the rising cost of health insurance, the time is right for NBAA's health and consumer benefit savings programs for those who cannot afford or qualify for health insurance or those who wish to supplement their health insurance to reduce their out-of-pocket expenses," stated Robert Merrill, President of ABMI.
For more information on NBAA, go to http://www.nbaabenefits.com/
Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital, Universal Express Logistics (including VirtualBellhop, WorldPost and Luggage Express) and the Private Postal Network. These subsidiaries provide the private postal industry and consumers with value-added services and products, logistical services, equipment leasing and cost-effective delivery of goods worldwide.
More information and website locations are available at 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 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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|Date:||Dec 20, 2002|
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