|NEW YORK-- (OTCBB NEWSWIRE) -- July 26, 2001, Universal Express, Inc. (USXP: .023) shoots on to the volume leaders board when the company announced that a jury in the Circuit Court, Dade County, Florida, yesterday awarded USXP a damage verdict after trial of $389 million dollars ($389,000,000) against Select Capital, Ronald G. Williams and Walter S. Kolker for fraud and conversion for failure to honor previous funding commitments and stock manipulation. |
"We are very grateful to the Dade County jury for vindicating our rights and recognizing the substantial scope and value of our company," stated Richard A. Altomare, President and CEO of USXP.
"This judgment is final and non-appealable. The company's trial counsel, Arthur W. Tifford, a prominent Miami attorney, will now take the necessary steps toward collection. Tifford has collected judgment monies against these defendants in a number of other cases," said Chris Gunderson, General Counsel of the company.
"On one level, it is gratifying to have a judicial system validate what we have been saying since 1998. On another level, collectibility is huge and now we are able to introduce professionals to trace the paper trail for collusion, damage culpability and offshore accounts. This might bring some compliance officers and insurance companies into this issue of collectibility. We will now allow the professionals to collect. We have done what we said we would do in 1998 and more," concluded Altomare.
At 12:55 EST, USXP is up .006 (35%). Volume surged following the announcment, with 4,078,800 shares exchanged, over twice its daily average already. The award is equivalant to $6.83 per share based on the reported 56.97 million shares outstanding.