UAMA Posts First Quarterly Net Profit; Revenues up 257% From Previous Year

Montreal, August 17, 2006 — United American Corporation (NASD OTCBB:UAMA) is pleased to announce that it has recorded its first quarterly net profit for the 3 month period ending June 30, 2006 for its combined wholesale VoIP termination services and its TeliPhone™ Retail operation. Revenues for the 6 month period ending June 30th, 2006 have hit $4,347,336, a 257% increase over the same period last year.

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 US, 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.