United American Corporation

United American Corporation

January 07, 2005 16:41 ET

TeliPhone Inc. Issues Statement of Clarification Concerning Recent VoIPMDU Press Release


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UNITED AMERICAN CORPORATION

OTC Bulletin Board SYMBOL: UAMA

JANUARY 7, 2005 - 16:41 ET

TeliPhone Inc. Issues Statement of Clarification
Concerning Recent VoIPMDU Press Release

MONTREAL, CANADA--(CCNMatthews - Jan. 7, 2005) - United American
Corporation's (NASDAQ otcbb:UAMA) wholly owned subsidiary TeliPhone Inc.
wishes to clarify statements made on a VoIPMDU press release dated
January 5, 2005. "VoIPMDU.COM Completes Agreement for The Most
Comprehensive VoIP Telephony Package Available on The Market with
UAMA/TeliPhone".

Relationship with VoIPMDU

TeliPhone Inc. has signed a letter of intent to collaborate on offering
a joint VoIP telephony package to the marketplace, with a focus on
leveraging VoIPMDU's existing relationships with leading loyalty program
exchanges and Internet Service Providers. An agreement outlining
specific terms and conditions is currently in the works and is
anticipated shortly.

Revenue Estimates

Teliphone Inc. does not, at this time, support the revenue estimates or
the time frame to achieve them that has been outlined in this press
release. TeliPhone Inc. and VoIPMDU have analyzed the market
opportunity and believe it to be significant. The nature of the letter
of intent is to confirm the potential and to then structure the
partnership in order to capitalize on it.

TeliPhone Inc. is deeply committed to its responsibility to accurately
inform its shareholders and the investment community of significant
events and to not make assumptions that are not considered to be
realistic by its management team. Revenue estimates such as those made
in the January 5th press release were premature and do not necessarily
reflect TeliPhone's anticipated revenues from this opportunity in such a
time frame.

About TeliPhone, Inc

TeliPhone Inc is a wholly owned subsidiary of UAC. Since 2001, the
company has pioneered Voice over Internet Protocol (VoIP) in Canada. The
company was the first Canadian VoIP service provider to offer a
nation-wide telecommunication local call coverage service. The company
has developed a powerful back office system that provides an integrated
web-based personal portal to their subscribers as well as administrative
support to the company, and constitutes the core technology of today's
mobile teliphone™ services. teliphone™ operates its own Main CO
(Central Office) in Montreal, where all worldwide teliphone™ devices
are controlled, thus giving the company the advantage of centralized
operations and cost reductions. The company has also established a CO
in Manhattan. For more information, visit the company website at
www.teliphone.us.

About United American Corporation

United American Corporation is a holding and management company of next
generation Voice over Internet Protocol (VoIP) based telecommunication
Company. The organization currently has five subsidiaries. Each
subsidiary operates in a specific niche market in a fast growing global
worldwide IP-based telephony network. The company has created a network,
which provides services from local IP-based telecommunication to
international telecommunication carriers. Teliphone™, Inc operates
sophisticated extended local communication VoIP central office, while
United American Telecom, Inc operates CaribbeanONE™, a
state-of-the-art International telecommunication route & gateway. For
more information, visit the company website at
www.unitedamericancorp.com.

This news release contains forward-looking statements that are subject
to various risks and uncertainties. The Company's actual results could
differ materially from those anticipated in such forward-looking
statements as a result of numerous factors that may be beyond the
Company's control. Forward-looking statements are based on the
expectations and opinions of the Company's management on the date the
statements are made, and the Company assumes no obligation to update
forward-looking statements should circumstances in management's
expectations or opinions change.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    United American Corporation
    George Metrakos
    (514) 313-6010
    or
    United American Corporation
    Investors Relations
    (514) 313-5960
    investorsrelations@unitedamericancorp.com