NEW YORK--(BUSINESS WIRE)--Sept. 29, 2005--Universal Express Inc. (OTCBB: USXP - News), announced today that its balance sheet for its fiscal year ending June 30, 2005, has substantially improved over its previous fiscal year. ADVERTISEMENT
Total stockholders' equity increased to $856,865 for fiscal 2005 from $74,763 for its fiscal year ending June 30, 2004, an increase of over 1100%.
Total assets increased by $350,700, while total liabilities decreased by $431,400, compared to fiscal 2004.
During the current fiscal year the Company paid off a $400,000 loan.
Net operating expenses decreased 64% from $7,352,301 for fiscal 2004 to $4,888,403 for fiscal 2005. Net operating loss decreased 14% from $4,576,965 for fiscal 2004 to $3,957,394 for fiscal 2005.
"As a growing company not all of our revenues have caught up with the June fiscal numbers. We're pleased with the progress, and we anticipate continued growth as our company matures," said Richard Altomare, CEO and Chairman of Universal Express, Inc.
About Universal Express
Universal Express, Inc. is a 22 year old logistics and transportation conglomerate with multiple developing subsidiaries and services. For additional information please 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, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
-------------------------------------------------------------------------------- Contact: Investor Relations: Equitilink L.L.C. Ron Garner, 877-788-1940 toll free 858-824-1940 International or local www.equitilinkpr.com
-------------------------------------------------------------------------------- Source: Universal Express Inc.
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