United American Corporation Wishes to Update its Shareholders on Recent News.

MONTREAL -- United American Corporation (OTCBB:UAMA) wishes to update its shareholders on numerous issues pertaining to its recent growth in business volume and spin-off of its Teliphone Inc. subsidiary.

United American Telecom Increases Revenues

United American Telecom is pleased to announce that its recent increased investment in additional termination capacity on its CaribbeanONE(TM) network has achieved over $400,000 monthly revenue last month, an increase of 40% over previous estimates.

United American Telecom is also pleased to announce that it has finalized the necessary upgrades to its web-based billing platform in order to begin distribution of its HaitiDIRECT(TM) pre-paid card to retail customers.First deliveries to the 5,000 + retail points of sales will commence as early as September, 2005.

Teliphone share dividend to UAMA shareholders

The spin-off of Teliphone has been completed.UAMA shareholders are owners of 24,038,462 shares, or 79% of OSK Capital II Corp (whose name will change "Teliphone Corp." upon shareholder and regulatory approval).These shares are being held by United American Corp. for the time being until Teliphone becomes financially independent and no longer requires additional financing from UAMA.UAMA management feels that this is in the best interest of shareholders and for the long term viability of Teliphone and the growth of its share value. UAMA intends to preserve its original May 30th, 2005 shareholder of record date for the upcoming payment of the special dividend to UAMA shareholders of the Teliphone shares.

Teliphone News

Teliphone now E-9-1-1 compliant

Teliphone is now offering FCC (Federal Communications Commission) and CRTC (Canadian Radio-Television and Telecommunications Commission) E-911 compliance to all of its customers.For additional information, please visit http://www.teliphone.us .

Teliphone now offers Dominican Republic Phone Numbers

Prospective customers can now order Teliphone service with a Dominican Republic (DR) phone number, offering the following benefits:

- A caller in the DR can reach DR Teliphone customers anywhere in the world by dialing a local call.

- Customers in the DR can pay as little as $29.90 per month and have unlimited Continental US & Canada calling.

This represents a very exciting opportunity for Teliphone as there are over 2 million DR ex-patriots living in the US & Canada who will see tremendous cost savings to their monthly phone bill should they subscribe to this new service.Teliphone intends to aggressively market this new service offering to local DR communities throughout the US & Canada.

Teliphone / OSK Capital II Corp. NASD OTCBB trading

Management is now finalizing its consolidated financials with OSK, which will be filed shortly in an 8-k.Following this last disclosure, management will file its 15C-211 to seek regulatory permission to begin trading its shares.In the interim, Teliphone is raising bridge financing to invest in promotion and growth of its customer base.Interested investors are encouraged to contact investorrelations@teliphone.ca .

Teliphone Investor Relations Web Site

Interested investors and shareholders wishing to receive Teliphone Corporate newsletters are encouraged to register their e-mail address at http://www.teliphone.us .

About United American Corporation

United American Corporation is a holding and management company focusing on next generation Voice over Internet Protocol (VoIP) based telecommunications. The organization has recently spun-off its VoIP services company, Teliphone Inc., where shareholders received a property dividend of the new corporation.The company is now focused on growing its new flagship subsidiary, United American Telecom, with operates CaribbeanONE(TM), a state-of-the-art International telecommunication route & gateway. 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.

United American Corporation (OTC Bulletin Board:UAMA)