SOURCE: Universal Express

June 14, 2007 11:27 ET

Universal Express CEO Addresses SEC REG SHO Grandfather Clause Reversal

NEW YORK, NY--(Marketwire - June 14, 2007) - Universal Express, Inc. (OTCBB: USXP) -- Today Mr. Richard Altomare, Chairman of Universal Express (OTCBB: USXP), addressed yesterday's elimination of the REG SHO Grandfather Clause. http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070613%5cACQDJON200706131600DOWJONESDJONLINE000849.htm&

"When the Security and Exchange Commission is reminded that it too must answer to the Constitution of the United States of America and the property laws contained therein, all Americans win," said Mr. Altomare.

"Their poorly thought-out 'Grandfather Clause' attempted to ignore the criminal shorting activities of market makers and the forgiven years blessed by the Security and Exchange Commission's belief that they alone create the rules from which our capitalistic democracy is built.

"There is a legal expression 'Falsus in uno, Falsus in omnibus' which translates to mean if you can lie and be wrong on one fact you are probably lying or wrong on all facts.

"Universal Express is proud to have been actively lobbying this issue and to always stand up for what is legal, moral and just.

"The Grandfather Clause is the first domino to fall on this prolonged and lonely position my General Counsel and I have stood up against for five years.

"The SEC is only a regulating agency, not a Gestapo-like organization to be feared. Its decisions are not infallible. Courts alone determine what is constitutional and what is unconstitutional. The Grandfather Clause was an illegal simplification of a shorting problem the SEC had permitted.

"The Clause no longer exists. Soon the SEC will have to answer for their treatment of us 'whistle blowers,' who dared to stand up despite the uncomfortableness of questioning the tactics of an organization which mistakenly believed itself to be above the laws of our nation.

"Let us never forget the SEC created an illegal law, illegally tried to enforce it, and now were forced to reverse the folly of their ways. Where is the restitution? When is the hearing? What about the companies that failed and the shareholders investments?

"When an authoritative, self-righteous, self-contained, governmental agency uses fear, illegal enforcement and intimidation, free-enterprise suffers. I am proud of our steadfast position, which we have taken against a previously untested bully. Today the bully left the playground. Tomorrow he'll be back; let us not forget that the bully must answer to a consistent democracy which has lasted over 220 years. Today the Grandfather Clause, Tomorrow an investigation into abuse of power and subsequent Congressional hearings," concluded Richard A. Altomare.

About Universal Express

Universal Express, Inc. is a 23-year-old logistics and transportation conglomerate with multiple developing subsidiaries and services. For additional information please visit 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, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Mark Falk
    Universal Express, Inc.
    561-367-6177
    Email Contact