SOURCE: Universal Express, Inc.

August 30, 2007 11:06 ET

Universal Express Comments on SEC Chief Economist Removal

NEW YORK, NY--(Marketwire - August 30, 2007) - Universal Express Inc. (OTCBB: USXP) today commented on the "most recent" resignation or unplanned early retirement of yet another of the 6 SEC Senior Managers and Official members recently ordered off or retired from the Security and Exchange Executive Board.

"Obviously, someone has finally begun examining and acknowledging the naked short selling scandal. The SEC tactics and methods used to perpetuate this counterfeiting fraud are at the core of our abuse of power case to be submitted to the Appellate Court," stated Chris Gunderson, Universal Express General Counsel.

"Chester Spatt, the SEC Chief Economist and today's departee, had been responsible for a series of flawed studies justifying naked shorting in the public markets. His reports were allegedly deemed incompetent and filled with fundamental flaws since they lacked control groups. That means they didn't include companies publicly traded which were not permitted to be nakedly shorted," continued Mr. Gunderson.

"It's unfortunate that we couldn't have used the over 10,000 failed Bulletin Board companies and their hundreds of thousands of unemployed Americans and shareholders to serve as paid control groups. Their hungry families could have used a small percentage of the fees and fines previously earned by the SEC and the DTCC as they have allowed the counterfeiting of shares and then hid behind the economic opinions of today's removed economist. A regulatory agency that has failed to support that many companies needs more resignations, more overhaul, and more Congressional examination," stated Richard A. Altomare, Chairman and CEO of Universal Express, Inc.

"Universal Express continues to clearly present the critical issues facing the American trading system. Each one of these appointed and now removed SEC Board Members and Advisors will become solving pieces of the naked short selling puzzle. This economic scandal perpetuated on the trading public needs to be exposed and understood. Our company's soon to be mandated jury trial will crystallize the situation that the SEC has now attempted through these dismissals to either correct or cover up," stated Mr. Gunderson.

"Multiple resignations compiled with alleged ongoing Justice Department inquiries should add some very interesting testimony when our $700,000,000 USD existing judgments for naked short selling finally goes before a jury of American citizens," concluded Mr. Gunderson.

"In conclusion, I attach a chronological document recently submitted by our General Counsel highlighting our Company's tragic nine year abuse perpetuated by many of those SEC members asked to step down. Hopefully, our journey will be recognized exactly for what it has become -- a courageous one. We don't want to become Company 10,001. Company 10,001 refuses to cease functioning so that our short position does not have to be covered. Company 10,001 refuses to disappoint its shareholders and employees, and most importantly Company 10,001 has developed creative ideas and new industries which are needed in America."

"Read Mr. Gunderson's chronological history of our company's story and many may wonder why anyone remains on that regulatory board," concluded Mr. Altomare (http://www.usxp.com/recitation_of_facts.pdf).

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:

    Chris Gunderson
    Universal Express, Inc.
    917-639-4157
    Email Contact