Press Release Source: Universal Express, Inc.

Universal Express Requests Hearing With SEC in Florida
Wednesday March 24, 2:51 pm ET

NEW YORK, March 24 /PRNewswire-FirstCall/ -- Universal Express, Inc. (OTC Bulletin Board: USXP - News), today requested that the long-sought hearing and lawsuit with the agency empowered to protect thousands of companies from naked short-selling, stand before a Florida judge.
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"I welcome the hearing that is long overdue. Ever since USXP received $590,000,000 of 'short-selling' judgments that demonstrated inefficiency on the part of the SEC, they have retaliated against our Company, which has grown to over $200,000,000 in sales from no revenues and $54,000,000 in debt paid- off," stated, Richard A. Altomare, President & CEO of Universal Express.

Mr. Altomare continued, "At a time when America is prioritizing jobs, this fine Company has grown to over 6,500 employees from only 3 -- and that's the Company our appointed regulators have decided to question. This one they will lose. They owe the stockholders of USXP $590,000,000 -- they know it, and a jury trial will prove it.

"There has been nothing but integrity and hard-working American efforts with complete compliance on the part of this Company during our 14 years of development, with never a question from the SEC for 14 years.

"As Al Capone infiltrated the Chicago Police Department, I contend that the organized crime efforts of naked short sellers are not above influencing SEC lower-paid employees. Should Universal Express experience any financial damages from bureaucrats gone awry, our proactive lawsuit, which we filed on March 2, will seek additional damages.

"If the SEC wishes to intimidate, eliminate or frighten companies that are the core of America's future capitalist system, they picked the wrong company, wrong CEO and wrong issue to think we'll blink.

"Let's stay focused on the message of our President and the Democratic nominee, jobs, corporate governance and integrity. This lawsuit is designed to shed light on the integrity of the foxes that have been empowered to guard the hen house. Not the hens being bullied by the foxes!

"When someone or some company is sued by the Security Exchange Commission, there is always a concern, I understand that. I grew up in the same America that believes in the integrity of our institutions. After years of SEC governmental abuse, we called for the judicial branch of our government to protect our 38,000 shareholders, our employees, investors and all other small public businesses from the naked short-selling scandal that remains the issue -- not some press releases and fundings that are perfectly accurate," concluded Mr. Altomare.

About Universal Express

Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express & Leasing Division), Universal Express Logistics (Luggage Express and the Virtual Bellhop, the Universal Post Network -- private postal network, and SCI, our industry insurance company. These subsidiaries and divisions provide the private postal industry, customers, and couriers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods and luggage worldwide. For more information visit www.usxp.com.

Readers would be prudent to read that SEC
document very careful. Allegations are
extremely serious.

I recall some discussion of this stock. My
choice was to pass on this one. Should be
an article or two about this stock buried
somwhere in the past here at All Stocks.

This company is sue crazy. Not sure how
they are doing this, but they have nearly
half a billion dollars in judgements, in
their favor, per the most recent 10Q filing.

Located in Boca Raton, money flowing into
the Bermuda Islands, extraordinary court
judgements in their favor, something
really stinks about all of this.

Whatever is going on, looks to be a big
mess in the making.

Purl Gurl

This one is very interesting.

The Securities and Exchange Commission this week filed a civil complaint in New York against Universal Express Inc. and CEO Richard A. Altomare, 55, of Boca Raton, alleging that they were involved in a scheme to illegally distribute 500 million unregistered shares of company stock to the public through re-sellers.

The SEC said the re-sellers acquired the stock at a substantial discount and then resold the shares to the public for a "quick risk-free profit."

The SEC also alleged that Altomare issued a series of false press releases from May 2002 to April 2003 announcing funding commitments for a total of $885 million and diverted about $1 million of the re-seller payments to his personal accounts or to cover personal expenses.

Arthur W. Tifford, a Miami attorney who represents Altomare and the company, said Friday that his clients deny all the SEC's allegations.

Tifford said the SEC was retaliating against Universal Express because the company earlier this month had filed a lawsuit against the federal agency in Miami district court, alleging that regulators were violating its right to free speech and other constitutional rights.

Tifford said Altomare had been openly critical of the SEC, saying it had failed to crack down on a type of short-selling of publicly traded stocks that had scammed Universal and other companies.

"This is a calculated, ongoing vindictive retaliation against the company for being openly critical of the SEC," Tifford said. "There has been a discernable pattern of harassment against the company since last May."

The SEC said Universal Express, which has a second office in New York, operates a variety of "developmental stage businesses," including WorldPost, a "private postal network" that "purportedly negotiates group discounts on behalf of the network's independently owned postal stores."

This one is crashing really hard.

Should this company prove naked shorting
to be the real culprit, prices should
skyrocket. However, this is very unlikely.

Looks the SEC has them dead-to-rights.