Universal Communication Systems, Inc. Signs Letter of Intent to Acquire Prepaid ATM/Visa Credit Card Vendor

Business Wire, June 12, 2002

Business Editors

MIAMI--(BUSINESS WIRE)--June 12, 2002

Transaction Valued at 3 Million Dollars;

Chairman Announces Company Plans for New Direction

Universal Communication Systems Inc. (OTCBB:UCSI), Chairman Michael J. Zwebner announced today that the company has signed a letter of intent to acquire a Florida based entity, Card Universal Corporation, which is in the business of providing and marketing prepaid "Stored Money Cards" ("SMCs"), commonly known as "cash cards."

Card Universal Corporation, a development stage company, has spent the past year establishing the groundwork, contracts and marketing plans for national distribution of ATM and Visa pre-paid cash cards aimed at the niche market of ethnic purchasers. The value of the transaction has been initially estimated at $3 million, but will be subject to a third party independent valuation prior to closing.

Mr. Zwebner commented: "The concept of a pre-paid ATM/Visa SMC sold by retail stores over the counter to any purchaser regardless of their credit history or financial status, is a unique concept in the finance industry. This product represents a new wave of the future in financial credit markets, particularly in the national and global distribution arena of prepaid debit cards. We envision the demand for this product as huge, and we intend to become a leader in its entry to the ethnic and expatriate customer as well as other general markets in North America. From our many years of experience in the prepaid phone card and expatriate money transfer business, we see and recognize the need for this product and its future destiny as a standard financial tool."

Card Universal Corporation has secured an exclusive relationship with a large international banking institution and is in the process of negotiating with several others, for the issuance of the stored money cards. The company plans to launch the pre-paid ATM/Visa cash cards into the marketplace by the fall of this year, initially in Florida and New York, with a north America rollout shortly following the initial introduction.

It was disclosed that Mr. Zwebner is both a director and major shareholder of Card Universal Corporation.

Future Plans for Universal Communication Systems, Inc.

In a further announcement, Mr. Zwebner stated: "We are now in the final stages of formulating the future plans of Universal Communication Systems, Inc. Prior to the current management's involvement, the company was primarily in the broadband wireless provisioning business. In pursuit of that line of business, over $8 million was spent in the past few years. Since last November when the new management was installed and I was named Chairman, we have worked hard to resolve outstanding disputes, reduced monthly cash expenses from over $200,000 to under $40,000, reduced certain debt from over $1.3 million to $300,000 and we have closed down all loss making operations.

"We now envision the company as a public holding company with diverse interests in the themed internet cafe business, the legacy broadband wireless provisioning activities and with the acquisition of Card Universal Corporation, marketing and distribution of the pre-paid cash card product. The company will also seek to acquire related businesses by way of mergers and acquisitions. In order to achieve this growth program, management is currently working to raise a substantial amount of new investment capital."

About Universal Communication Systems, Inc.

Universal Communication Systems, Inc. and its subsidiaries have been engaged in activities related to advanced wireless communications, including the acquisition of radio-frequency spectrum internationally. The Company also owns a U.S. patent on a Distributed Wireless Call Processing System technology. The Company recently announced the finalization of its acquisition of Hard Disc Cafe, Inc. Hard Disc Cafe is in the business of themed Internet Cafes, targeting densely populated urban areas and tourist sites with a unique high tech space themed image. For additional information please visit the web site http://www.harddisccafe.com. Interested parties are advised to click on the "Brochures" icon, and download a copy of the company's current brochure. (some sections of the site may still be under construction).

Safe Harbor Statement

Statements in this press release that are not historical including statements regarding Universal Communication Systems, Inc. or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. It is important to note that the Company's actual results could differ materially from those in any forward-looking statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. Factors that could cause actual results to differ materially from the forward looking statements include the ability of the Company to acquire the targeted businesses and successfully implement the stated program, the acceptance by the target customers of those programs and products, the ability to raise sufficient capital to meet the requirements of the acquisitions and such other statements which are listed from time to time in the Company's SEC reports, including but not limited to, the annual report on form 10-KSB for the year ended September 30, 2001 and the quarterly report on forms 10-QSB for the periods ending December 31, 2001 and March 31, 2002. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.