updated 3/14/2011 11:24:35 AM ET 2011-03-14T15:24:35

MONTREAL, March 14, 2011 (GLOBE NEWSWIRE) -- 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

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.40%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.70%
13.70%
Cash Back Cards 17.66%
17.91%
Rewards Cards 17.05%
17.17%
Source: Bankrate.com