Universal Express -USXP- Declares War on 'Naked Short Selling'

Business Wire, Sept 23, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 23, 2003

Universal Express, Inc. (OTCBB:USXP) is urging its shareholders to contact Congressional Representatives and Senators to cause the SEC to put an immediate end to "naked short selling," the electronic churning downward by brokers-dealers of the shares of smaller, developing public companies, mainly on the OTCBB, without actually trading any shares; thus destroying the market prices for many such companies despite good business developments announced in press releases.

These naked shorting activities are reported by financial wire, www.financialwire.net, citing over 100 developing public companies adversely affected.

"This is a national scandal costing these companies and their shareholders many millions of dollars in greatly reduced share prices from where the market value should be, and the loss of millions in investor fundings", stated Richard A. Altomare, President & CEO of Universal Express. "The SEC has done nothing to stop this activity, though it has been continuing for a number of years. In fact, in its recent DTC ruling it came down on the side of the shorters. The SEC has done nothing to support smaller, developing companies. Its complex regulations designed for huge companies have not only failed to prevent multi-billion dollar Enron type scandals, but have had the effect of stifling smaller public companies and making the costs of maintaining public rather than private status, overly costly and complex, and sometimes not worthwhile", Mr. Altomare continued.

"Our 596 million dollar judgments in two trials in Florida were awarded by juries who heard our testimony on naked shorting of our shares by a network of market manipulators, which reduced our share price from $2 per share to cents per share. That is why the juries awarded us a total of over $275,000,000 in punitive damages. If normal everyday people acting as juries can understand this naked shorting scheme, why can't the SEC", stated Chris Gunderson, General Counsel.

For more information on these judgments, go to http://www.usxp.com/companies/usxp/pr/072601.htm and http://www.usxp.com/companies/usxp/pr/042303.htm.> For up-to-the-minute news, features and links click on www.financialwire.net

Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp., (including its USXP Cash Express division), Universal Express Logistics, Inc. (including The Virtual Bellhop, LLC and Luggage Express) and the WorldPost(TM) Private Postal Network, Inc. These subsidiaries and divisions provide the private postal industry and customers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide.

More information and web site locations are available at 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 or products delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.