Company is reborn with cargo airline purchase (terms agreed to) and five more purchase deals in the works:Universal Express Purchases Alpine Airlines
Monday October 11, 10:28 am ET
NEW YORK--(BUSINESS WIRE)--Oct. 11, 2004--Universal Express Inc. (OTCBB:USXP - News), effective 8:01 p.m. on Friday, October 8, 2004, Universal Express announced its purchase of 80% of Alpine Airline (OTCBB:ALPE - News).
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.
Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission
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