USXP..Moving on Strong NEWS - Gets 300mill -....
By: vlispxpert
09 Apr 2003, 10:42 AM EDT Msg. 66285 of 66291
Universal Express -USXP- Receives $300,000,000 For Transportation Funding
NEW YORK, Apr 9, 2003 (BUSINESS WIRE) -- Universal Express, Inc. (OTC BB:USXP) today received $300,000,000 in committed and approved funds and plans to acquire a soon to be announced nationally established transportation company.
A Letter of Intent with that Company to be acquired has been signed, but a confidentiality agreement remains in effect until the actual Closing date or by the joint agreement of both parties to announce before the Closing.
"The formal Closing should be concluded in 75 days or less, and a specific announcement will be made by both parties at the appropriate time or prior to that closing date", said Richard A. Altomare, President and CEO of Universal Express.
"This acquisition is intended to become our initial subsidiary within our recently created Transportation Division. When completed, it will add substantially to our domestic delivery capability, our gross revenues and our EBIDTA", continued Mr. Altomare.
Universal Express today simply has informed the public of its financial capability to now effectuate a transaction of this size with a nationally recognized brand name.
During the developmental stages of any company, that company may receive financial commitments based on the funder's due diligence requirements or acquisition targets approved for that funding. Today's commitment is far more definite and it is for that reason a press release has been issued.
"Despite unexpected setbacks, when a developing entity like Universal Express becomes the surviving Company in a potential acquisition of this magnitude, a press release prior to the formal announcement, in the opinion of our legal counsel, becomes appropriate for the benefit of the general public, our shareholders and all others involved", concluded Mr. Altomare.
Universal Express, Inc. today 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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