CORRECTING and REPLACING Universal Express CEO Named Chair of Industry New Committee on Naked Short Selling
January 09 2007 - 3:00PM
Business Wire
Please replace the release with the following corrected version due
to multiple revisions in the fourth paragraph. The corrected
release reads: UNIVERSAL EXPRESS CEO NAMED CHAIR OF INDUSTRY NEW
COMMITTEE ON NAKED SHORT SELLING Universal Express Inc. (OTCBB:
USXP), based in New York and Florida, and a member of The National
Small Public Company Leadership Council (Leadership Council) and
the Microcap Company Political Alliance Corp. (MCPAC), CEO�Richard
Altomare has been appointed Chair of the Leadership Council/MCPAC
Committee on Naked Short Selling. The new committee will be
formally organized in Washington this spring concerning the issue,
known as �naked shorting,� and will then initiate a Policy Report
research program over the summer months. A Report will be submitted
to the Leadership Council/MCPAC Board of Directors in September for
review and probable Congressional action. �I look forward to
working with members of MCPAC to ascertain how the practice of
�naked shorting� is causing smaller public companies to go out of
business or impacting others� market prices despite their good
business developments, and then bringing the issue to the attention
of the federal government,� said Mr. Altomare. �The practice of
�naked shorting� is of growing concern among the membership of the
Leadership Council and MCPAC and we welcome Richard Altomare to
head our efforts,� said Frank Speight, Chairman of the Leadership
Council and MCPAC. Both groups work jointly to represent the
interests of small public companies and microcap public companies
in Washington, D.C.. �This volunteer committee will bring together
vital information for a MCPAC Policy Report as our initial effort
to educate and inform members of Congress, the White House and the
Securities and Exchange Commission (SEC) about the practice and the
effects it�s having on smaller public companies, their
stockholders, investors and employees,� explained Mr. Speight.
Short Selling is the practice of borrowing stock then selling it in
hopes that the price will go down and it can be bought back at a
lower price, thereby generating a profit and allowing one to return
like shares for the borrowed ones. Naked Short Selling is the
practice of not borrowing stock, but selling it anyway with no
intention of ever delivering real stock to the buyer. The
Leadership Council, which was formed in 2000, seeks to educate and
inform the White House, U.S. Congress, federal agencies, industry
trade groups and political organizations based in Washington about
the economic contributions of the nation�s entrepreneurial public
companies. Please visit our website: http://www.nspclc.com. MCPAC
was formed in 2005 as the first advocacy group representing the
interests of the nation�s microcap publicly-traded companies to
securities regulators and policymakers in Washington. Please visit
our website: http://www.microcappac.org. 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.