To: Big Dog who wrote (27933 ) 6/29/1998 12:10:00 PM From: Zakattack Read Replies (3) | Respond to of 34592
Has anyone seen this yet?biz.yahoo.com Well according to the last sentence, it seems that shorters will have to cover today... Just like when shorters had to cover ICVI before it became MTEI... Remember then, the stock shot up from 0.05 to 0.70 within 24 hours?!? The complete release is posted below: Company Press Release Packaging Plus Services Announces Letter of Intent to Purchase SKYNET WORLDWIDE EXPRESS PLAINVIEW, N.Y.--(BUSINESS WIRE)--June 29, 1998--Packaging Plus Services Inc. (OTC BB:PKGP - news) announced today it had signed a Letter of Intent 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 an international shipping network specializing in corporate discount pricing to its customers; it currently has annual revenues in excess of $8,000,000. Nick DeLeone, president of PKGP's subsidiary, THE ASSOCIATION OF PACKAGERS AND CARRIERS (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 proposed 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.'' ''We are very proud to have signed a Letter of Intent to acquire SKYNET MIAMI with its excellent reputation in International Shipping. Not only will it add yet another level of service to our APAC subsidiary, it reflects our long-term strategy for growth under our new corporate identity, UNIVERSAL EXPRESS,'' stated Richard A. Altomare, chairman of the Board and CEO. PKGP owns and operates several subsidiaries in the packaging and shipping businesses including THE ASSOCIATION OF PACKAGERS AND CARRIERS (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. The company previously announced it will officially change its name to UNIVERSAL EXPRESS INC. and its stock will trade under the Symbol USXP beginning June 30, 1998.