United American Corporation

United American Corporation

March 09, 2005 09:30 ET

United American Corporation Board of Directors Sign Resolution to Spin-off its TeliPhone Inc. Subsidiary


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UNITED AMERICAN CORPORATION

OTC Bulletin Board SYMBOL: UAMA

MARCH 9, 2005 - 09:30 ET

United American Corporation Board of Directors Sign
Resolution to Spin-off its TeliPhone Inc. Subsidiary

MONTREAL, CANADA--(CCNMatthews - March 9, 2005) - United American
Corporation (NASD OTCBB:UAMA) announces that its Board of Directors has
signed a resolution to perform a spin-off of its wholly-owned
subsidiary, TeliPhone Inc. The Board will seek a majority consent from
shareholders. If accepted, the spin-off will be subject to regulatory
approval and is anticipated to take place within the following weeks.
More details will be passed on to shareholders as new information
becomes available.

About TeliPhone, Inc

TeliPhone Inc. is a leading Voice over Internet Protocol (VoIP)
telecommunications company offering next generation wireless and
wireline internet communications solutions. Teliphone subscribers pay a
monthly fee to make calls from various handheld devices to any phone
number in the world. Teliphone offers its subscribers value-added
services that simplify the way they communicate, through our Single
Point of Contact, Teliphone, TeliphoneLine and iPCS services. Teliphone
was one of the first companies to offer VoIP and Cellular "dual-mode"
services to its subscribers, offering a fully-integrated and web-based
billing structure and innovative unlimited long distance packages. With
a preliminary focus on the consumer/Small Office Home Office (SOHO)
markets, Teliphone is also the infrastructure of choice for consumers
and businesses throughout the world through its private-label
distribution partners. Teliphone Inc. operates its own Main CO (Central
Office) in Montreal, Canada 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, USA. 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.

-30-

Contact Information

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