Universal Express Purchases Alpine Airlines
NEW YORK, Oct 11, 2004 (BUSINESS WIRE) -- 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's Board of
Directors.
Multiple closing documents are ongoing and signed ownership documents have been
accepted by Universal Express.
"The terms and agreements submitted by Universal Express have been accepted by
me," said Gene Mallette, Alpine's 80% majority owner and President.
"Our first cargo airline now permits us to utilize the management team of Alpine
to advance the additional (5) cargo airlines that discussions 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 Universal Express 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 will maintain its
management and will remain initially as a separate trading entity," said Richard
A. Altomare.
"Obviously an announcement of this importance will necessitate subsequent
filings and public updates. This is our initial transportation and funding
announcement as this ongoing story of Universal Express and now Alpine Airlines
begins to be assimilated by analysts, shareholders and our investors," concluded
Richard A. Altomare.
I would like to thank Alpine Board Members and our multiple funding sources for
their confidence and support of Universal Express and its management.
About Universal Express
Universal Express, Inc. owns and operates several subsidiaries including
Universal Express Capital Corp., (including its USXP Cash Express division)
Universal Express Logistics, Inc. (including Virtual Bellhop, LLC and Luggage
Express), and the UniversalPost Network. These subsidiaries and divisions
provide the private postal industry and consumers with value-added services and
products, logistical services, equipment leasing, and cost-effective delivery of
goods worldwide.
About Alpine Air
Founded in 1975, Alpine Air, a wholly owned subsidiary of Alpine Air Express
Inc., provides competitively priced scheduled air cargo flights throughout the
western and southwestern United States. The Company has an established client
base that includes various contract operations and the U.S. Postal Service.
Alpine Air provides superior "on time" performance and reliability, together
with the flexibility to adapt quickly to the growing frequency and capacity
requirements of its clients.
SOURCE: Universal Express, Inc.
CONTACT: TransMedia Group
Glen Calder, 561-750-9800
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