|
TWST: We'd like to begin with a brief historical sketch of the company
and a picture of the things that you are doing at the present time.
Mr. Altomare: First of all, Universal Express began in 1994. In 1994,
Universal Express was born as we know it today and that's when we
created our UniversalPost, which is our private postal trade
association, and then we added to UniversalPost our Luggage Express
business, which was the picking up of suitcases at travelers' homes and
bringing those suitcases to the travelers' end destination, bypassing
the entire airport experience for them. Then after Luggage Express, we
had a number of capital divisions from our equipment leasing to our gift
card programs. And then, of late, we have generated a great deal of
enthusiastic response with MadPackers, which is our college logistics
company, where we pick up belongings of college freshmen and bring it to
their respective college dorms, and then bring it back from the dorms at
the end of the semester back to their homes, and so forth, back and
forth four or five times throughout their college carrier. And then, of
course, there has been discussion on the street that Universal Express
is now moving toward trying to purchase its own cargo airlines. And then
we have attempted an offer for AirNet Systems that would pretty much
round out the company as we see it today. So that's what's been
happening the approximately 10 to 12 years that Universal Express has
been in existence. TWST: What about your joint venture arrangement with Navstar?
Mr. Altomare: Our joint venture arrangement with Navstar is one of our
first entrees into the Gulf region in the Dubai area. Navstar had
wanted, because of President Bush's decisions in the past ' whenever
there seems to be a Middle Eastern issue where he was forced to freeze
Saudi assets, they wanted to keep the capital in the banks that they had
control over. So instead of investing the money directly into Universal
Express, we've created a joint venture company that will trade on their
new stock exchange in the Gulf region, and Universal Express will be a
50/50 partner with Navstar in that. And we estimate contributions from
the Navstar family between $450 million to $800 million to commence that
public vehicle. Obviously, our shareholders will benefit by the
increased valuation of our 50% ownership.
Tickers included in this excerpt: USXP
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
|
|
