NEW YORK, Dec 28, 2004 (BUSINESS WIRE) -- Universal Express (OTCBB: USXP),
today announced it has received a contract for funding from a Saudi Arabian
strategic partnership group led by Mohammed Bassami, a leading transportation
entrepreneur in the Middle East with funding expectations of up to $40 million.
A separate release will follow when the initial funding is received.
"After years of planning and visits to the Middle East, it's gratifying to share
our visions and programs with an experienced transportation entrepreneur
prepared to provide the necessary financial support to aid in our innovative
outsourced transportation business model, luggage delivery, private postal
service, and related retail products," said Richard A. Altomare, Chairman of
Universal Express.
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,
(UniversalPost) 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,
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.
SOURCE: Universal Express Inc.