Universal Express Questions SEC Actions
THURSDAY , APRIL 01, 2004 08:30 AM
NEW YORK, Apr 1, 2004 /PRNewswire-FirstCall via COMTEX/ -- Universal Express, Inc. (OTC Bulletin Board: USXP) President & CEO, Richard A. Altomare, stated, "It's a classic David vs. Goliath case. We have respectfully waited without response from the SEC to the lawsuit we first filed against it for unconstitutional abuse of the powers given to it by Congress. In the meantime, the SEC resorts to negative publicity by attacking us in the press, rather than using the federal court system to determine the merits of our complaints. It also resorts to the highly unusual, if not improper, action of filing its own lawsuit against us in New York, rather than in the same federal court where we filed our lawsuit first.
"The SEC's accusations against our Company, its Chairman, its General Counsel, and numerous outside consultants that courageously helped to build this fine Company during naked short selling attacks, are unfounded. The SEC seems intent on maligning the messengers and assisting the naked short sellers by creating negative press on our Company more than defending against our accusations filed in the Miami federal court.
"This case will be heard in a courtroom, not in the media. Unlike the SEC, Universal Express has not inappropriately resorted to news releases detailing our complaints of rogue agent interference, collusion, SEC improper behavior and unconstitutional conduct, nor will we. We will keep faith with our judicial system and prove the misconduct in our lawsuit, rather than pontificate to the press.
"When we filed the initial lawsuit, USXP had presented over 50 formal quarterly and annual reports, and hundreds of press releases without review, question or comment by the SEC. We went without even a letter of reprimand or phone call for 14 years. We ask the public and our supporters: don't you think it untoward that, only days after our lawsuit against the SEC is filed and made public, USXP was accused retroactively for press releases, fundings and quarterly contents, and whatever else the SEC hopes will deter others from questioning its unregulated authority and joining in on our fight to outlaw and ban the naked short selling of publicly traded stocks?
"We stand behind our lawsuit. Despite the SEC's inappropriate accusations, improper behavior and inappropriate and unfounded response against one of the smaller developing public companies, we will wait until the case is heard," Mr. Altomare added. "According to the SEC, billions of shares of this company's stock have traded. If that trading happened because of one or more press releases or funding, as the SEC alleges, where are the certificates, we rhetorically ask," posed Mr. Altomare. "When all is said and done and all of the SEC documents to be produced are disclosed, the truth, not character attacks, will be told.
"Seemingly undefeatable adversaries are often defeated by their own actions. Our trading system relies on the professionalism and consistent objectivity of its regulators. When did our regulators become participants in the scandalous process of naked short selling by endeavoring to intimidate its critics by resorting to verbal hostility, unfair utilization of the press and invoking fear?
"Universal Express is a popular and innovative developing company that would have benefited from the on-going regulatory guidance of the Security and Exchange Commission during our growth. Whenever we called the SEC for assistance against naked short sellers, we were ignored. After our two consecutive successes in court against naked short selling schemes tied to other fraudulent conduct -- totaling over $526,000,000 -- we became an SEC target. All the SEC power and legal strength will not drown out the overdue voices of American shareholders and developing companies, trying to create American jobs, while being hurt by a regulatory trading system that is not protecting its developing companies. This time, a court of law will hear words of those victimized by the scandalous schemes and the even more scandalous ignoring of those schemes by the SEC. That's the case. Plain and simple," concluded, Richard A. 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), and SCI, our courier 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.
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.
CONTACT: Glen Calder, +1-561-750-9800, ext. 16, for Universal Express
URL: http://www.usxp.com
http://www.prnewswire.com
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