Monday August 17, 1:01 pm Eastern Time
Company Press Release
Universal Express Executes Definitive Agreement for
SKYNET Acquisition
PLAINVIEW, N.Y.--(BUSINESS WIRE)--Aug. 17, 1998--UNIVERSAL EXPRESS, INC. (OTC BB:USXP - news) today
announced the execution by all parties of the definitive stock purchase agreement to purchase SKYWORLD INTERNATIONAL
COURIER d/b/a/ SKYNET WORLDWIDE EXPRESS of Miami, Florida and its related companies (SKYNET MIAMI).
SKYNET MIAMI is part of a $100 Million shipping network specializing in discount pricing to corporate customers. It currently
has annual revenues in excess of $7,500,000. USXP will acquire 51% control for $1,700,000, with an option to acquire the
remaining 49%. The final Closing is expected very shortly, as employment and service contracts, exhibits and financial guarantees
are finalized and approved.
Nick DeLeone, President of PKGP's subsidiary, THE ASSOCIATION OF PACKAGERS AND CARRRIERS (APAC) stated:
''We have created a private postal association and enhanced it with items such as custom corrugated services and shipping.
Private postal stores have never had their own International Shipping service. Now, with the contemplated addition of SKYNET
MIAMI, APAC members can receive the greatest discount through our own provider''. DeLeone concluded, ''With an estimated
volume of $700 million of International Shipping currently generated through the private postal stores, our discount rates should
help generate noticeable market share penetration. APAC is continually expanding profitable opportunities for its members which
will further assure its position as a serious contender in the vast postal and shipping industry as we head into the 21st Century.''
''With $7,500,000 in revenues and $650,000 in operating income, before interest and taxes, not including APAC's potential sales,
this vehicle is a very defining acquisition in USXP's plans for corporate growth'', said Richard A. Altomare, CEO and Chairman of
USXP.
Universal Express owns and operates several subsidiaries in the packaging and shipping businesses including THE
ASSOCIATION OF PACKAGERS AND CARRIERS. APAC provides access to business services and logistically convenient
and cost effect delivery of goods worldwide. USXP's other subsidiaries are engaged in corrugated container manufacturing,
advertising, entertainment and additional support services for APAC. |
