YAKC Yak Communications

Universal Communication Systems, Inc. Company Chairman Issues Open Letter And Update On Continuing Subsidiary Operations MIAMI, Oct. 28 /PRNewswire-FirstCall/ -- Universal Communication Systems, Inc., (BULLETIN BOARD: UCSY) company Chairman Michael J. Zwebner, today issued the following open letter and company update and made the following corporate statement: "I wish to thank all our shareholders and investors both in the U.S., and all over the world, that responded overwhelmingly and positively in their participation in the voting process for the Annual Shareholders Meeting held and concluded last week. Their positive responses and actions reflect their serious interest both in the company, its leadership and management, as well as in the new products, technologies and services now being offered and provided by the company. "The following is a short list of our major company accomplishments over the past year. "In regard to the previous activities of World Wide Wireless, the company has either resolved or reached agreement with almost all creditors on our past debts and disputes, including various cases involving litigation. "The company has closed or shut down all previous loss-making operations both in the U.S. and overseas. The company currently retains a 27% share holding in Digital Way SA, in Lima, Peru. "Digital Way SA recently entered into a telecommunications services contract with YAK Communications, Inc. (NASDAQ:YAKC)(http://www.yak.ca/), a major telecom casual dial-around company, to provide the local Peruvian market with competitive local and international long distance calling options and facilities. "Following a major investment by YAK in setting up the infrastructure for this project, both air time traffic (minutes) and revenues are now expected to increase significantly. "In February 2003, the company formed AirWater Corporation, with the intention of entering the unique business of building machines and systems for water extraction from air. "The company successfully negotiated and acquired the 4 major patents relating to the AirWater technology and systems from J & J Reidy Inc., of Holden, MA. "Utilizing the AirWater patent designs and enhancements, the company has now entered into manufacturing agreements with 3 separate entities, and has successfully built a number of 'test' models. The company continues to work to enhance the machines with new innovative designs and concepts. Special emphasis is being exerted on unique and exclusive 'safety' and control systems, as well as unique manufacturing processes, which lower the manufacturing costs and the ultimate cost of the finished product. "AirWater Corp. has supplied numerous working AirWater machines to both the private sector and to governments and military authorities for product testing and evaluation for various uses and applications. Both the U.S. military and other government organizations continue to evaluate the machine and are in constant communications with the company on the feasibility of several alternative applications. "The company has and continues to receive immense interest from persons and corporate entities from around the world. AirWater Corp. has embarked on a worldwide sales and marketing program, and has engaged agents and marketing companies on a worldwide basis. These AirWater Corp. agents and corporate representatives have established contact and opened negotiations with no less than 18 separate overseas governments. "Realizing the need for alternative power and energy sources, in particular for some models of the AirWater machines, in September 2003, the company concluded the acquisition of Millennium Electric TOU Inc., a leading Israeli entity operating in the field of solar power, with special emphasis on Photo-Voltaic (PV) solar energy. "The company recently established new offices in the high tech business complex in Herzliah, Israel. This new corporate office will spearhead both sales and marketing of AirWater machines, and all solar products on a worldwide basis. In addition, the company is now in the process of establishing a new sales and marketing office in Baltimore, MD. The purpose of the new office in Baltimore is to concentrate sales and marketing efforts for all Solar and PV Solar Energy range of products and services. "Negotiations continue on the recently announced and proposed acquisition of the GiraSol Solar Group of Holland. The company, through its attorneys and accountants, is conducting its due diligence at this time. It is management's sincere hope and intention to close this transaction before the year's end. "Just a few days ago, the company announced that it has reached agreement with the outstanding debenture holders, namely Amro International S.A.; The Endeavour Capital Investment Fund S.A.; Esquire Trade & Finance Inc.; and the Celeste Trust Reg. to fully convert all outstanding amounts due to equity, and to cancel the debentures. The impact of this financial settlement has already been felt within the company, as over the past few months, the company has successfully raised in excess of $1 million in fresh capital from subscriptions and private placements and has now been assured of further substantial additional funding. "The 'use of proceeds' of these funds are and include the funding of ongoing operations, research and development of new air to water technologies, commercial and military applications, manufacturing methods, as well as ongoing product design and development costs, including the now substantial investment in global sales and marketing programs. "We will shortly announce further results of these ongoing marketing efforts. "So far, we believe that 2003 has been a year in which the company has changed its appearance, continued successfully to clean its past, adopted a new business and corporate strategy, made dramatic progress in the high tech field of air to water extraction, together with its commercial exploitation and latterly its successful entrance into the solar (PV) industry. "All in all, a good year for UCSY, and we look forward to reporting further positive progress to all of our shareholders and investors as events unfold. Thank you, Michael J. Zwebner - Chairman Universal Communication Systems, Inc." About Universal Communication Systems, Inc. For further detailed information, visit our web address: http://www.ucsy.com/ About AirWater Corporation For further detailed information, visit our web address: http://www.airwatercorp.com/ About Millennium Electric TOU Limited For further detailed information, visit our web address: http://www.millennium-/ electric-inc.com Safe Harbor Caution Concerning Forward-Looking Statements by Universal Communication Systems, Inc. This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and factors affecting the integration of the businesses of Universal Communication Systems, Inc. More detailed information about these factors may be found in filings by Universal Communication Systems, Inc. with the Securities and Exchange Commission, including their most recent annual reports on Form 10-KSB and quarterly reports on Form 10-QSB. Universal Communication Systems, Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter their forward-looking statements, whether as a result of new information, future events, or otherwise. Contact: Universal Communication Systems, Inc., Miami Rolando Sablon, 305/672-6344 Company web address: http://www.ucsy.com/ For further information email us at: DATASOURCE: Universal Communications Systems Inc. CONTACT: Rolando Sablon of Universal Communication Systems, Inc., +1-305-672-6344 Web site: http://www.ucsy.com/ http://www.airwatercorp.com/ http://www.yak.ca/

Copyright