Market News
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AMR AMR CORP.
USXP UNIVERSAL EXPRESS INC
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Universal Express Signs Contract to Purchase $160,000,000 North American Airlines
SUNDAY , OCTOBER 12, 2003 08:00 PM
NEW YORK, Oct 12, 2003 (BUSINESS WIRE) -- Universal Express (OTC BB:USXP) today announced it has signed a contract to purchase North American Airlines. North America Airlines is a charter airline based at JFK Airport in New York City. It presently operates a fleet of 757 and 767 airplanes.
"This acquisition will add over $160,000,000 in revenues. This first transportation acquisition will enhance our financial structure, but more importantly our logistical, cargo and luggage transportation capabilities have now been more substantially created", said Richard A. Altomare, President & C.E.O.
"We have paid a $1,000,000 deposit, 50% of which is non-refundable, to North American Airlines and the 45 day due diligence process has begun. The final purchase price and funding terms will be announced after our due diligence process and after the formal closing is completed", continued Mr. Altomare.
"As Universal Express strives to take its rightful place in the private postal and transportation industries, acquisitions like North American will add revenues, capabilities and flexibilities to our growing private postal trade association, its customers and their services", concluded Mr. Altomare.
Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express division), Universal Express Logistics, Inc. (The Virtual Bellhop, LLC and Luggage Express) and the WorldPost(TM) Private Postal Network, Inc. These subsidiaries and divisions provide the private postal industry and customers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide.
