Universal Express Purchases Alpine Airlines
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BW5526 OCT 11,2004 7:29 PACIFIC 10:29 EASTERN
( BW)(NY-UNIVERSAL-EXPRESS)(USXP) Universal Express Purchases AlpineAirlines
Business Editors/Travel Writers/Transportation Writers
NEW YORK--(BUSINESS WIRE)--Oct. 11, 2004--Universal Express Inc.(OTCBB:USXP), effective 8:01 p.m. on Friday, October 8, 2004,Universal Express announced its purchase of 80% of Alpine Airline(OTCBB:ALPE).
Universal Express´ offer has been initially accepted by Alpine´sBoard of Directors.
Multiple closing documents are ongoing and signed ownershipdocuments have been accepted by Universal Express.
"The terms and agreements submitted by Universal Express have beenaccepted by me," said Gene Mallette, Alpine´s 80% majority owner andPresident.
"Our first cargo airline now permits us to utilize the managementteam of Alpine to advance the additional (5) cargo airlines thatdiscussions have been ongoing with," said Richard A. Altomare,Chairman & CEO of Universal Express.
"Alpine´s acquisition cost is approximately $12,000,000 and over$30,000,000 in unencumbered assets will be acquired by UniversalExpress along with its United States Postal System contracts and$20,000,000 in revenues," continued, Richard A. Altomare.
"This undervalued cargo airline located in Provo, Utah willmaintain its management and will remain initially as a separatetrading entity," said Richard A. Altomare.
"Obviously an announcement of this importance will necessitatesubsequent filings and public updates. This is our initialtransportation and funding announcement as this ongoing story ofUniversal Express and now Alpine Airlines begins to be assimilated byanalysts, shareholders and our investors," concluded Richard A.Altomare.
I would like to thank Alpine Board Members and our multiplefunding sources for their confidence and support of Universal Expressand its management.
About Universal Express
Universal Express, Inc. owns and operates several subsidiariesincluding Universal Express Capital Corp., (including its USXP CashExpress division) Universal Express Logistics, Inc. (including VirtualBellhop, LLC and Luggage Express), and the UniversalPost Network.These subsidiaries and divisions provide the private postal industryand consumers with value-added services and products, logisticalservices, equipment leasing, and cost-effective delivery of goodsworldwide.
About Alpine Air
Founded in 1975, Alpine Air, a wholly owned subsidiary of AlpineAir Express Inc., provides competitively priced scheduled air cargoflights throughout the western and southwestern United States. TheCompany has an established client base that includes various contractoperations and the U.S. Postal Service. Alpine Air provides superior"on time" performance and reliability, together with the flexibilityto adapt quickly to the growing frequency and capacity requirements ofits clients.
Safe Harbor Statement under the Private securities LitigationReform Act of 1995: The statements contained herein, which are nothistorical, are forward-looking statements that are subject to risksand uncertainties that could cause actual results to differ materiallyfrom those expressed in the forward-looking statements including, butnot limited to, certain delays beyond the Company´s control withrespect to market acceptance of new technologies, products andservices, delays in testing and evaluation of products and services,and other risks detailed from time to time in the Company´s filingswith the Securities and Exchange Commission.
--30--NR/ny* CONTACT: TransMedia Group Glen Calder, 561-750-9800 KEYWORD: NEW YORK INDUSTRY KEYWORD: AIRLINES TRANSPORTATION TRAVEL MERGERS/ACQ SOURCE: Universal Express, Inc.Copyright Business Wire 2004
(c) 2004 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.
Autor: © Business Wire , 16:29 11.10.04
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