September 17, 2008 06:00 ET

Alpine Air Express Announces Gross Revenue Increase

PROVO, UT--(Marketwire - September 17, 2008) - Alpine Air Express, Inc. (OTCBB: APNX) announced today that its operating subsidiary, Alpine Aviation Express, Inc., has posted in its 10-QSB for the period ending July 31, gross revenues of $5,102,181, which is a 14.8% increase over the $4,441,218 posted for the same period in 2007. The gross revenues for this leading provider of regional air cargo transport and logistical services for the nine months ended July 31 were $14,467,615 versus $13,669,317 for the same period in 2007.

Gene Mallette, CEO of Alpine Air, commented, "We are happy to report that our third quarter revenue was significantly up compared to 2007. When evaluating our performance over the first three quarters, we are on track to post over $20,000,000 in gross revenues with substantial profitability. Our third quarter net earnings were below this time last year, however fuel costs have recently crimped our bottom line. We do not expect this trend to continue as we have taken measures to offset our additional fuel expenses through increases in efficiency, additional revenue sources and a fuel hedging program."

Mallette added, "We are pleased with our performance thus far this year. When comparing our nine month earnings as a percentage of our gross revenue with that of other major cargo airlines, we remain strong and poised for continued growth; both organic and through acquisitions."

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, freight forwarders, and other cargo and logistics firms. 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, 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.