Universal Express to Rectify Lower Court Opinion
Universal Express, Inc. (OTCBB: USXP), yesterday received notice that the New York Lower Court ignored its entire "naked short selling" argument as it ruled in favor of the SEC's position.
"I cannot say we are surprised as this venue was selected by our adversary. We remain optimistic and eagerly await the entire documentation to be reviewed by more objective and less influenced higher court judges. Some may read only the Judge's decision. We have read the entire documentation and legal precedents. Long and short of it, this is a naked short selling hallmark case in the making. This is exactly at the venue we expected it to be. Let's remain realistic here. Whichever side won the first round was going to have to play the second round. That was the SEC's home field courtroom. It was hand selected after the initial naked short selling claim of $700,000,000 was filed in Florida. It's business and growth as usual and I will be continuing my naked short selling presence as that is the issue of this case - nothing else," said Richard Altomare, Chairman and CEO of Universal Express.
"Universal Express strongly disagrees with the opinion of the New York federal district court (US Dct 04Civ 2322) and will take immediate steps to rectify it. The Company and its officers specifically have absolute and complete immunity from the allegations of the SEC on these matters under the United States Bankruptcy Code which supersedes the SEC's authority. The Company is entitled under its reorganization charter and the Bankruptcy Code to issue additional shares to match the recapitalization of the Company on a daily basis caused by the issuance by others of 'naked shorted', counterfeit and unregistered shares, not issued by the Company and for which the Company received no consideration," said Chris Gunderson, General Counsel of Universal Express.
"Once again, the 'naked shorting' scandal, long ignored by the SEC is at the forefront of our Company's campaign against this massive damage to thousands of public companies, their stockholders, investors and employees. We will be requesting a re-hearing with strong support for our appeal. No one at Universal Express expected this landmark issue to be a one decision ruling and welcome, if not embrace, the media exposure necessary to bring an end to the SEC's flagrant and illegal acceptance of a practice that must be halted to insure confidence in our trading system," concluded Mr. Altomare.
About Universal Express
Universal Express, Inc. is a 23 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.
Source: Universal Express, Inc.
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