http://biz.yahoo.com/bw/061227/20061227005172.html?.v=1
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Universal Express CEO Predicts Increased Share Price When Ill thought ``Naked Short'' Grandfather Clause is Eliminated
Wednesday December 27, 10:38 am ET
NEW YORK--(BUSINESS WIRE)--Universal Express Inc. (OTCBB: USXP - News), announces that during its recent webcast, Universal Express Chairman Richard A. Altomare, predicted that should the SEC this month eliminate its "Grandfather Clause" protecting uncovered naked short positions, the Company's shares could substantially rise above its present per share price. (To listen to the webcast go to
www.usxp.com.)
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The Chairman quoted the Company's General Counsel, Chris G. Gunderson, as follows:
"I believe Universal Express' share price could rise far in excess of $2 per share if the SEC eliminates its Grandfather Clause from its Regulation SHO. This would force many hedge funds, private equity funds and other market institutions to cover their gigantic naked short positions in Universal's shares over the last 10 years, by being forced to buy actual shares in the open market.
"Naked shorting is a prevalent scandal of enormous scope for public companies and the future of American trading confidence, especially smaller public companies. This practice involves selling counterfeit shares to buyers which are never delivered. These naked shares were never issued by the Company and are unregistered and counterfeit."
"The Company believes the naked shorting of its shares on each market day over the past 10 years to be in excess of 20 times its outstanding shares, on a regular basis, during this period," concluded Mr. Gunderson.
"The SEC announced this month that it is now being forced to reconsider amending its Regulation SHO in January, 2007 to eliminate the illegal Grandfather Clause. Imagine ruling to ignore thousands of companies' failures, hundreds of thousands of jobs, and billions upon billions of ill gotten gains forgiven while American investors get left picking up after the SEC's neglect. The SEC's Grandfather Clause wants us to pretend these thefts didn't happen! This action to eliminate the clause has been endorsed by many prominent organizations, including the United States Chamber of Commerce and The North American Securities Administrators Association, Inc.," stated Mr. Altomare.
(Reference, Wall Street Journal article on September 21, 2006 entitled, "SEC is Urged to 'Attack' Naked Short Selling)
(Reference, NASAA Statement to the SEC dated Oct. 4, 2006
http://www.sec.gov/comments/s7-12-06/jpborg7410.pdf.)
Beginning in 1997, the Company and its Chairman have taken an aggressive public stance against illegal naked short selling with public officials and in many national venues and press releases.
The Company has received in excess of $700,000,000 in judgments for the naked shorting schemes perpetuated against the Company.
The Company is actively pursuing its shareholders' legal options to obtain these funds from those organizations responsible for allowing naked short selling to have become so prevalent.
"During the holiday season, Universal Express heartily endorses 'Santa Claus' but not this ill-thought-out 'Grandfather Clause' which has given American stockholders coal while firms on Wall Street get all of the presents. Our position remains constant. You cannot sell what you do not own," concluded Mr. Altomare.
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:
Universal Express, Inc.
Chris Gunderson, 917-639-4157
publicrelations@usxp.com
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