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Universal Access Files Motion Seeking Approval of Asset Purchase Agreement With Vanco for $13 Million

Universal Access Files Motion Seeking Approval of Asset Purchase Agreement With Vanco for $13 Million

CHICAGO, March 31 /PRNewswire-FirstCall/ -- Universal Access Global Holdings Inc. and its four US subsidiaries operating under Chapter 11 bankruptcy protection announced today that on March 25, 2005, they filed a motion seeking approval of an Asset Purchase Agreement with Vanco Direct USA, LLC to buy substantially all of Universal Access' assets for $13 million. The purchase price is subject to adjustment if certain conditions are not met. The sale requires approval of the United States Bankruptcy Court for the Northern District of Illinois (the "Court") and is subject to higher and better offers from other bidders submitted in accordance with bidding procedures to be approved by the Court, and certain other closing conditions.

"We are pleased to have reached this important milestone in the restructuring of Universal Access and welcome Vanco's interest in our company," said Randy Lay, Chief Executive Officer of Universal Access.

"With this contemplated acquisition, we expand relationships in the US marketplace, and add significant value to our product and service offerings," said Allen Timpany, Chief Executive Officer, Vanco plc. "Universal Access has unique software tools and capabilities that give us immediate information and access to the US telecommunications market."

Because the sale of Universal Access' assets is subject to higher and better offers, Vanco's offer is, in effect, the first bid in an auction process. A motion to approve bidding procedures for the auction was filed with the Court on March 25, 2005, and it is anticipated that the Court will rule on the motion on April 15, 2005. Universal Access anticipates that the auction will take place in mid-May 2005.

About Universal Access

Universal Access is an industry leading telecommunications information and network connectivity provider for carriers and service providers seeking to optimize networks and expand into markets beyond their own network presence. Founded in 1997, the company is a single, independent source of comprehensive telecommunications network information, design, pricing, planning and provisioning (installing) of end-to-end data/voice circuits and networks. Universal Access provides network connectivity services and robust databases of information -- including the industry-leading LATTIS(TM) tariff pricing software -- to over 225 U.S. and international telecom carriers, cable companies, system integrators, government and enterprise customers. In addition, the company has developed a web-based interactive information portal, the Universal Solutions Exchange(TM) (USX(TM)) that provides a powerful tool to analyze data on competitive telecommunications networks, to develop solutions for improved efficiency and reliability of networks, and eventually, to provide on-line access to provisioning and billing. For further information about Universal Access, visit the company's Web site at http://www.universalaccess.net/ .

About Vanco plc

Established in 1988, Vanco plc (FTSE: VAN) is the leading global Virtual Network Operator. With solutions available in 230 countries and territories, Vanco is selected by the world's largest organisations to provide strategic network solutions. Its customers include British Airways, Siemens, IBM/Lloyds TSB, Avis Europe, Virgin Megastores, Ford Motor Company, Pilkington, Bacardi and Smith & Nephew.

Through the Vanco network solution customers get access to the greatest geographic coverage available through a single provider. Vanco offers incomparable flexibility to customise and adapt the solution in line with market changes and business priorities.

Vanco is recognized by the industry for its financial success and world class customer service delivery. A significant proportion of its investment capital goes into customer care which is reflected by the awards won, independent market research and customer retention.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements based on our current expectations, forecasts and assumptions, including but not limited to statements regarding the sale of the Company's assets. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including risks and uncertainties concerning the sale of the Company's assets, triggering purchase price adjustments, the receipt of necessary court and regulatory approvals, and the ability to meet certain closing conditions. For other risks and uncertainties applicable to our business, refer to our Securities and Exchange Commission filings. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this paragraph.

Universal Access Global Holdings Inc.

CONTACT: Valerie Ianieri of Universal Access Global Holdings Inc.,
+1-312-881-4048, or [email protected]

Web site: http://www.universalaccess.net/

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