Universal Express -- USXP -- Subsidiary to Acquire Go Automotive Leasing Corp

    NEW YORK--June 12, 2002--Universal Express, Inc. (OTCBB:USXP) today announced the signing of a letter of intent by its subsidiary Universal Express Capital to purchase a well established commercial leasing company with approximately $20,000,000 worth of lease receivable assets.
    Go Automotive Leasing Corporation is a 9-year leasing firm that specializes in providing lease financing for businesses nationwide on commercial transportation equipment. "This acquisition is an excellent addition to USXP Capital. The existing credit facilities of Go further establish the foundation and overall business functionality of USXP Capital while its strong performing customer base provides welcome assets to our balance sheets as well as receivable margin cash flows delivering valuable revenue gains," said David Russell, President of USXP Capital. "We are excited to bring on John Gore, who will continue as President of Go Automotive Leasing, and embrace his excellent leadership as director of our commercial vehicle leasing division. With his industry experience and origination ability, a significant impact will be realized on our revenue results," concluded Russell.
    "The opportunities in commercial lease financing at present have provided a well suited platform for this acquisition," said John Gore, President of Go Automotive Leasing. He continued, "Our existing lease portfolio continues to perform well and while I will focus on the fundamentals of our business, the Universal Express vision and energy helps position us as a leader in this exciting and profitable industry. As the national economy recovers, we will now be recognized as a member of the preferred source for lease financing of fleet and commercial transportation equipment in the country. Universal Express' innovative bus cargo retrofit and Expeditor intermodal cargo bus patent programs open up more new business than has existed in the leasing business in some time."
    "This acquisition enhances the vision of USXP Capital as well as providing another valuable addition to the corporate foundation of Universal Express. By significantly strengthening our balance sheet with the addition of approximately $20 million in aged and performing leases while further improving the capabilities of USXP Capitals' future growth and influence, USXP has positioned itself in moving to another level. Mr. Gore will be a valued addition to our management team and his leadership of GO and the vehicle leasing division allows USXP Capital to develop further diversification of its product offerings, such as mortgage lending, aircraft leasing, mid-ticket and cargo related equipment leasing, to the national and international community," said Richard A. Altomare, President and CEO of USXP.

    ABOUT UNIVERSAL EXPRESS

    Universal Express, Inc. (USXP) owns and operates several subsidiaries including Universal Express Capital, Universal Express Logistics (including VirtualBellhop) and Private Postal Network (PPN). These subsidiaries provide the private postal industry and consumers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide. More information and website locations are available at: 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 or products delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.