Universal Express Acquires Commercial Lease Portfolio
Wednesday December 17, 9:10 am ET NEW YORK--(BUSINESS WIRE)--Dec. 17, 2003--Universal Express, Inc. (OTCBB:USXP.OB - News), has acquired a portfolio of seasoned and performing commercial lease receivables valued in excess of $3 million gross with servicing provided by one of the top 50 banks in the United States. The company's subsidiary, Universal Express Capital Corp., will manage the portfolio. "With this acquisition, Universal Express has purchased a valuable asset that simultaneously provides revenues and an ongoing wholesale lender relationship with one of the top 50 banks in the United States," said Richard Altomare, chairman and chief executive officer. "We now have in place a foundation for booking transactions with leading national banks. As a result, we will be able to book these transactions in the future as an asset, which will strengthen the balance sheet and improve operating cash flow. In addition, the portfolio gives us access to potential customers for future lease/financing volume." Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital, Universal Express Logistics (including VirtualBellhop, WorldPost and Luggage Express) and the Private Postal Network. These subsidiaries provide the private postal industry and consumers with value-added services and products, logistical services, equipment leasing and cost-effective delivery of goods worldwide. More information and Web site locations are available at 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.
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