United American Corporation Acquires the New York Telecom Exchange, Inc. in a Share Exchange Agreement
March 14 2011 - 11:08AM
United America Corporation (Pink Sheets:UAMA) announced today that
it has acquired the New York Telecom Exchange, Inc. (NYTEX) in a
stock for stock transaction. United American Corporation (UAC) will
issue 54,547,432 of its common shares for all issued and
outstanding shares of NYTEX.
NYTEX has developed an algorithm which is used to commoditize
telecommunications minutes. NYTEX has also developed the trading of
blocks of minutes and when used in conjunction with the algorithm
allows minutes to be traded like any other commodity as in other
mercantile exchanges. NYTEX expects that a financial ecosystem will
continue to grow around its platform to include brokers, carriers,
network operators as well as being able to finance network
operators using their blocks of minutes.
Since its official launch in June 2009, NYTEX has transacted
over 15,000 blocks of minutes, some 400 million minutes for a value
of over $20 million.
Over $2 million has been invested in the development of NYTEX,
its platform and network infrastructure. The operation is currently
profitable.
NYTEX has begun the process of patenting its technologies -- the
algorithm and block trading. It has also started the process of
getting its public filings up to date and again become fully
reporting. All necessary actions are being undertaken to have UAC's
name changed to the New York Telecom Exchange and an application
has been made to have UAC's trading symbol reflect the name
change.
There are no plans in the near future for any share
restructuring.
Lawry Trevor-Deutsch, President of UAC stated, "After spinning
off Teliphone Inc. from United American Corporation in 2006, we
have been looking for new opportunities to bring additional value
to UAC shareholders. We believe the acquisition of NYTEX will
provide this value and potential for growth in the growing telecom
market. NYTEX intends to take the lead in an emerging
telecommunications financial ecosystem using the proprietary
technology it has developed over the last 3 years combined with
industry deregulation."
About New York Telecom Exchange
New York Telecom Exchange, Inc. (NYTEX), the world's first
neutral international telecommunications commodity exchange,
provides a trading platform for wholesale carriers, mobile and
fixed network operators and retail operators. NYTEX acts as the
central clearing house to all exchange‐traded transactions and
therefore guarantees the delivery and fulfilment of these
transactions. NYTEX has fully integrated US Dollar and Euro trading
floors, where transactions can be completed without incurring any
currency risk.
NYTEX's mission is to organize the world's 400 billion minutes
and $20 billion of international telecommunications traffic and to
become the banking system to the telecommunications industry and
telecom investors -- providing everything from financial
institution clearing to financing to underwriting blocks of
minutes. NYTEX, the New York Telecom Exchange, along with telecom
brokers, brokerage houses, investment bankers and telecom investors
intends to create a new economy based on telecommunications. Since
its creation in 2008, NYTEX has grown to over 300 market
participants who trade over 275 markets, covering the world's major
termination markets. With the creation of NYTEX, developing
countries can now use their international inbound traffic and trade
it just like any other natural resource.
Forward-Looking Statements
This press release includes "forward-looking statements" as
defined by the SEC. All statements, other than statements of
historical fact, included herein that address activities, events or
developments that United American Corporation or New York Telecom
Exchange, Inc. expects, believes or anticipates will or may occur
in the future, including anticipated benefits and other aspects of
the proposed acquisition, are forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of their dates. Except as required
by law, neither United American Corporation nor New York Telecom
Exchange, Inc. intends to update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: United American Corporation
Lawry Trevor-Deutsch
Tel: +1 (514) 313 3424
investorsrelations@unitedamericancorp.com
New York Telecom Exchange, Inc.
Info@nytex.net
Tel: +1 (212) 738 0759 ext 3746
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