PHILADELPHIA, Feb. 24, 2005 (PRIMEZONE) -- To all persons or entities who purchased Universal Access Global Holdings, Inc. (Nasdaq:UAXS) ("UAXS" or "Universal") common stock on the open market during the period between May 10, 2001 and March 22, 2002 (the "Class Period"):
A settlement has been proposed in the above-captioned action. A hearing will be held before the Honorable Judith K. Guthrie in the United States Courthouse, 211 W. Ferguson Tyler, Texas 75702, at 10:00 a.m., on May 16, 2005 to determine whether the proposed Settlement of the above-captioned action, as set forth in the Stipulation and Agreement of Settlement, is fair, reasonable and adequate, and also to consider the proposed Plan of Allocation for the Settlement proceeds and the application of Plaintiffs' Co-Lead Counsel for attorneys' fees and reimbursement of expenses out of the Settlement Fund.
If you are a member of the class described above, your rights will be affected, and you may be entitled to share in the settlement fund. If you have not yet received the full printed Notice of Pendency of Class Action, Hearing on Proposed Settlement and Attorneys' Fee Petition and Right to Share in Settlement Fund and a Proof of Claim form, you may obtain copies of these documents by identifying yourself as a member of the Class and by contacting the Claims Administrator:
Universal Access, Inc. Securities Litigation c/o The Garden City Group, Inc. Claims Administrator P.O. Box 9000 No. 6289 Merrick, New York 11566-9000 Toll free: 1-800-253-5720 Internet: www.gardencitygroup.com
Inquiries, other than requests for the forms of Notice and Proof of Claim, may be made to Lead Plaintiffs' Co-Lead Counsel: Deborah R. Gross, Esquire, Law Offices Bernard M. Gross, P.C., 1515 Locust Street, Second Floor, Philadelphia, Pennsylvania 19102, Telephone 215-561-3600, Bradley E. Beckworth, Esquire, Nix Patterson & Roach, L.L.P., 205 Linda Drive, Daingerfield, Texas 75638, Telephone 903-645-7333.
To participate in the Settlement, you must submit a Proof of Claim no later than July 15, 2005. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Order and Final Judgment of the Court. To exclude yourself from the Class, you must submit a request for exclusion to the Claims Administrator at the above address so as to be received no later than April 29, 2005. If you are a Class Member and do not submit a proper Proof of Claim, you will not share in the Settlement but you nevertheless will be bound by the Order and Final Judgment of the Court.
Further information may be obtained by directing your inquiry in writing to the Claims Administrator at the above address.