Alpine Air Express Acquired by Universal Express

Monday October 11, 6:30 am ET


PROVO, Utah--(BUSINESS WIRE)--Oct. 11, 2004--Alpine Air Express, Inc. (OTCBB:ALPE - News), (the Company) and its subsidiary, Alpine Aviation Inc., which is the third largest regional cargo airline and transportation logistics company in the U.S., with a fleet of 30 airplanes and projected annual sales of $20M+, announces that Universal Express, Inc. has reached an agreement with the Company to purchase 80% of its outstanding shares. Multiple documents setting forth the terms and conditions of the agreement have been presented to and accepted by Universal Express.
The terms and agreements submitted by Universal Express have been accepted by the partnership, which holds Alpine's 80% majority. All of Alpine's shareholders will have the opportunity to participate in this transaction as well, according to Alpine's senior corporate management.

" Our first cargo airline acquisition now allows us to utilize the management team of Alpine to enhance our existing operations and advance additional airline acquisitions of which discussions have been ongoing," said Richard A. Altomare, Chairman & CEO of Universal Express.

" Alpine's cash acquisition cost is approximately $12,000,000, not including debt refinancing. With over $30,000,000 in assets, along with its U.S. Postal Service contracts, this undervalued cargo airline located in Provo, Utah, will maintain its experienced management team and remain initially as a separate trading entity," continued Mr. Altomare.

" Obviously an announcement of this importance will necessitate subsequent filings and public updates. This is our initial transportation and funding announcement as this strategic addition by Universal Express of Alpine Air Express begins to be assimilated by analysts, shareholders and our investors.

" I would like to thank Alpine's Board members and our multiple funding sources for their confidence and support of Universal Express' commitment to become a significant player in the regional cargo airline and luggage transportation industries," concluded Mr. Altomare.

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.

This press release may contain forward-looking statements including the Company's beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, realization of U.S.P.S. projected volumes, changes in anticipated earnings of the company and other factors detailed in the company's filings with the SEC. In addition, the factors underlying Company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given. The Company does not undertake to update them; however, it may choose from time to time to update them and if it should do so, it will disseminate the updates to the investing public.



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Contact:
Alpine Air Express, Inc., Provo
Michael Dancy, 801-746-3570
e-mail: investor@alpine-air.com
www.alpine-air.com



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Source: Alpine Air Express, Inc.