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ISSUED 2/24/2005 FOR IMMEDIATE RELEASE

INSURANCE DEPARTMENT'S UNIVERSAL LIFE RESOURCES, INC. HEARING ADJOURNED TO MARCH 28, 2005

The public hearing on Universal Life Resources, Inc. (ULR), three of its affiliates, and one of ULR’s top executives that was scheduled for Monday, Feb. 28, 2005 at 10 a.m. at 25 Beaver Street, Manhattan has been adjourned to Monday, March 28, 2005 at the same time and location due to the ongoing joint investigation by the New York State Insurance Department and the New York State Attorney General's Office.

Department of Financial Services

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