yeah... after a 70 to 1 reverse stock split!
PLAINVIEW, NY--(BUSINESS WIRE)--June 30, 1998--PACKAGING PLUS
SERVICES, INC. (OTC BB:PKGP.O) today announced a reverse stock split of
its Class 'A' common shares. The Company will exchange one (1) newly
issued share for seventy (70) currently outstanding shares. Effective
today, the shares will trade under the Company's new name, UNIVERSAL
EXPRESS, INC. and new Symbol: USXP.
Further, the Company's Board of Directors is pleased to announce
it has declared a Dividend for all stockholders of record as of today.
The Dividend will be one (1) 'A' Warrant and one (1) 'B' Warrant for
every three ((3) post split shares held. The Warrants will be attached
to all newly issued shares. The 'A' Warrants will entitle the holder
to purchase one (1) restricted share of USXP @ $6.00 per share for
twelve (12) months; the 'B' Warrant will be for one (1) restricted
share @ $10 for twenty-four (24) months.
Richard A. Altomare, Chairman of the Board, stated: "The Company
wishes to sincerely thank our loyal shareholders and we urge all to
notify their Securities Firms to request physical delivery of their
stock certificates. This is mandatory for all shareholders who wish to
receive new certificates of USXP and the applicable Warrant Dividend".
Mr. Altomare continued, "Our new identity, new capitalization and
recent and planned acquisitions all make for a very exciting future
for UNIVERSAL EXPRESS".
PACKAGING PLUS SERVICES, INC. (UNIVERSAL EXPRESS) owns and
operates several subsidiaries in the packaging and shipping business
including THE ASSOCIATION OF PACKAGERS AND CARRIER (APAC), a
nationwide association of independent postal/business service centers.
The Association provides access to business services and logistically
convenient and cost effective delivery of goods worldwide. PKGP's
other subsidiaries are engaged in corrugated container manufacturing,
advertising and other support services for APAC. |
