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Universal Express Purchases Universal Jet Business Wire - January 11, 2005 10:27
NEW YORK, Jan 11, 2005 (BUSINESS WIRE) -- Universal Express, Inc. (OTCBB:USXP), today entered into the airlines business by completing the purchase and beginning day-to-day operations of Universal Jet Aviation, a ten-year Florida based airline with a fleet of ten aircraft. "With past annual revenues of $14,000,000 and an FAA fully approved maintenance facility capable of increasing revenues, our expectations for growth and creative transportation ideas will definitely introduce luggage free travel to customers of Universal Jet and increase its revenues, its divisions, its profitability as well as the size of its fleet," said Richard A. Altomare, Chairman & CEO of Universal Express.
"The existing management team of Universal Jet coupled with our newly created aeronautical team along with other Universal Express sales teams will add vitality and new asset funding to an already excellent and previously very profitable company, said Richard A. Altomare."
"This partnership and alliance should benefit both companies and the obvious name of Universal Jet and its various National and International licenses adds substantially to our long-term growth plans," continued, Mr. Altomare.
"By being a developing company, it has often been a challenge to fund an acquisition of this type. We have purchased Universal Jet without excessive up front capital. We have assumed some past responsibilities and as we develop Universal Jet it will serve as a platform for future cargo and passenger acquisitions," concluded Mr. Altomare.
About Universal Express
Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express & Leasing Division), and Universal Express Logistics (Luggage Express and the Virtual Bellhop). These subsidiaries and divisions provide its private postal trade association, (Universal Post) 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.
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.
SOURCE: Universal Express, Inc.
(Investor Relations) Equitilink L.L.C. Ron Garner, 877-788-1940 toll free 858-824-1940 International or local www.equitilinkpr.comPosts: 512 | Registered: Jul 2004
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