L-Air Holding Inc. Confirms Acquisition Of Belgium Universal Airways
TORONTO, Mar 3, 2003 (BUSINESS WIRE) -- L-Air Holding Inc, (the "Company") (OTCBB:LAIR - News) announces today that in anticipation of the acquisition of 49% of the shares of Belgium Universal Airways, it has finalized the complete due diligence process, and closing will take place on or before April 11th 2003.
Belgium Universal Airways (B.U.A.) is a European Airline based in Brussels, with offices at Brussels International Airport, which will operate a long haul network of flights between Brussels and major cities in the world, with the technologically advanced Airbus A340-300 aircraft.
Universal Capital Partners Corp. (UCP), has executed a contract with a major Aircraft Manufacturer on behalf of B.U.A. and has committed to the original seed funding of (EUR) 5.000.000 for B.U.A. including Aircraft lease payments and deposits, to commence its operations, and anticipates delivery of the first Aircraft by April 30, 2003.
Alex GOLDMAN, President of the Company stated "Even though many of the Major Airlines are experiencing turbulence in the market, BUA will commence its operations in conditions which will place it immediately in the category of a low cost carrier due to the advantageous market conditions for leasing Aircrafts and hiring available, unemployed, non unionized, highly qualified Crews, and therefore will not suffer, as its competition does, of high overheads. BUA will immediately be competitive in a market that has surprisingly enough not been suffering of a lack of passengers to transport but mainly of a lack of financial visibility due to high operating costs."
The Company has also amended its articles of incorporation to prohibit the registration of shares of New Common in the name of DTC or any other securities clearing house. The Company believes these registration restrictions may force speculators who have previously sold stock in naked short transaction to cover their prior short sale by purchasing stock in the open market.
About the Company - L-Air Holding, Inc (OTCBB:LAIR)
L-Air Holding, Inc. is specializing in acquiring participations within the Airline Industry, mainly in Europe. Following the acquisition in October 2002 of the French Airline L-Air, and the reversal of that acquisition in January 2003, management has concentrated on a new venture in Belgium.
Experience and market studies conclude that Europe needs a safe and decent, well run Airline, managed by highly qualified and experienced staff, that will provide good service at a fair price for everyone. Since the closure of Sabena in 2001 (the Belgian National Airline) due to Swissair's bankruptcy (Swissair had recently bought Sabena), there has been a need to revive the once thriving wide International Flight Network based in Brussels. In addition, since the September 11 tragedy, carriers that are not terrorist targets are increasingly being called upon to pick up these routes.
Through an acquisition of 49% of Belgium Universal Airways by OTCBB:LAIR, UCP and Sabena's Captain Raymond Nicolai are now preparing to meet this need. Universal Capital Partners (UCP) is currently negotiating with the airline to finalize an acquisition that will give 49% ownership to OTCBB:LAIR. UCP is the single largest shareholder of OTCBB:LAIR currently. This structure is necessary to meet ownership requirements mandating that 51% of a European air carrier be European owned.
Captain Raymond Nicolai has dedicated his life to Aviation since 1968. He is an ex-Belgian Air Force fighter pilot and is an instructor on many types of Aircraft including the company's chosen A340. Captain Nicolai is bringing many of the former Sabena management and staff that will comprise the bulk of the company's workforce. These well-trained ex-Sabena staff members are dedicated to the Company's mission of creating a new Belgian National Airline that represents excellence in all aspects, including on-time flights, the highest level of customer service, cost efficiencies in operations and maximization of profitability for its investors.
With the addition of many new international direct routes to markets including Asia, Middle East, Africa, USA, Canada, Caribbean and Europe the Company has a better than average chance of achieving success due to the lack of any competition servicing these routes currently. BUA will operate a fleet of at least 5 Airbus A340-300 aircraft capable of seating 220 Economy seats, 30 Business class full comfort pitch seat, and 10 First class sleeperettes. All Belgian Universal's aircraft feature roomy seats each equipped with satellite phones and full individual multi-media systems capable of delivering many different forms of entertainment, including: a large selection of movies/videos, music (MP3 and other format), computer/video games, and the soon to be offered "on-board" Internet services. All available at every seat along with the many high-quality amenities not found on existing air carriers competing with the Company.
With BUA, all seats are assigned, a good percentage of travel is ticketless, all fares are one-way, and a Saturday night stay is never required. For more information, schedules and fares, please visit www.l-air-holding.com. Press releases can be found on www.l-air-holding.com. Airline industry experts agree that the most promising source of revenue growth with the current political situation and insurance cost nightmare for U.S. and other majors is within the group of small carriers with high-traffic routes and low-maintenance cost aircraft. Focusing on profitable long haul routes with low-cost maintenance jets, while providing exceptional customer service, BUA is one of these carriers. The Company's commitment to cost efficiencies and customer satisfaction is at the core of its business model, just like JetBlue (NASDAQ:JBLU), Southwest Air (NYSE:LUV), and EasyJet.com, all of whom are very successful within their respective markets and industry leaders. This international carrier is on the path to success.
For more information, please contact Capital Consultants at 310-374-9777
www.L-Air-holding.com
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made to involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. For a summary of such risks and uncertainties, see the Company's periodic reports and other filings with the Securities and Exchange Commission.
