Press Release Source: Universal Express, Inc.
Universal Express Announces Definitive Agreement To Purchase $200,000,000 Annual Revenue New Jersey Oil And Gas Distributor Monday October 9, 10:33 am ET
NEW YORK--(BUSINESS WIRE)--Universal Express Inc. (OTCBB: USXP - News), today announced the signing of a formal contract to purchase the assets of a New Jersey-based gasoline and oil operator. This wholesaler owns and operates in excess of 38 retail gasoline and diesel oil stations. ADVERTISEMENT
"In addition to the obvious positive impact on our balance sheet," said Richard A. Altomare, President and CEO of Universal Express, "this acquisition keys nicely with our transportation logistics model. Virtually every facet of our businesses relies on the price, availability and delivery of fuel, whether it is our luggage division, our trucking component, our aviation company, or our courier network. It is my hope that we can affect a reconfigured and even better business model and possible re-branding for these stations in the years to come."
"The 42 Million Dollar agreement calls for the retention of current management and payment over a 14 month period," continued Mr. Altomare.
"In addition to the symbiosis that this company has with our core businesses and additional retail distribution, our growing nationwide presence is both complimented and augmented through this initial oil and gas acquisition. The estimated 5% earnings of this company, we believe, through our management and economy of scale can be increased. Our corporate awareness is as real and as valuable to us as our many strategic partners, our loyal employees, and our steadfast vision of a changing transportation logistical industry. That awareness will also be enhanced by these 38 visible and retail locations which may in the future become multi-utilized," continued Mr. Altomare.
"The certified financial accounting firm has been ordered and future name changes are planned by Universal Express," added General Counsel, Chris Gunderson.
"Certainly, all of the obvious benefits of increased cash flow, extra revenues, enhanced balance sheet, inter-company synergies and continued corporate growth can be addressed; however, I contend that the addition of the first oil and gas company matures this conglomerate in many other ways".
"Increased corporate capitalization and possible restructuring is definitely under consideration, as we entertain all of our future options," 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. Mark Falk, 561-367-6177 publicrelations@usxp.com Source: Universal Express, Inc.
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