MONTREAL, Oct. 11, 2006 (PRIMEZONE) -- United American Corporation (OTCBB:UAMA) is pleased to announce that it will hold its Annual Meeting of Shareholders on October 23, 2006. One of the proposals to be voted upon by the shareholders at the meeting is a plan to approve the spin-off of its majority-owned subsidiary, Teliphone Corp.
Provided the shareholders approve the proposed spin-off, shareholders of record on the effective date of October 23, 2006 will be entitled to a pro rata distribution of restricted shares of Teliphone Corp.
About United American Corporation
United American Corporation is a holding and management company focused on next generation Voice over Internet Protocol (VoIP) based telecommunications. On the wholesale side, United American Telecom operates an international VoIP settlement and exchange gateway linking Tier 1 and Tier 2 Telecom carriers with United American's installed gateways in countries such as Mali and Gabon, Africa. Its retail operations center on its flagship Teliphone brand, which provides innovative internet-based telecommunications services to the U.S., Canadian and Indian marketplace, as well as white-label software platforms to Tier 1 & 2 Telecom carriers. Teliphone services are present in every continent. For more information, visit the company website at www.unitedamericancorp.com.
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.