Alpine Air Express Posts First Quarter 10Q Filing.

Business Editors

PROVO, Utah--(BUSINESS WIRE)--March 17, 2004

Alpine Air Express Inc. (OTC BB: ALPE) announced that its subsidiary Alpine Air, the third largest regional cargo airline and transportation logistics company in the United States, with a fleet of 29 airplanes and annual sales of $10M+, with its majority owned operating subsidiary, Alpine Air Chile, S.A., posted gross revenues of $2,635,838 with a net consolidated loss of $241,435 for the fiscal three months ending Jan. 31, 2004.

According to Alpine's spokesperson, conditions, which led to the quarterly loss include reduced volumes from the company's largest customer, the U.S. Postal Service, continued operations in the company's subsidiary, Alpine Air Chile, S.A., and a partial expense associated with the company's previously leased aircraft. Alpine's spokesperson, however, noted the loss demonstrates a significant trend toward a return to profitability.

Eugene Mallette, Alpine's CEO, further added, "We are working with our largest customer to resolve volume issues enabling our return to profitability. Not withstanding the U.S. Postal Service contracts, we continue to diversify our business. We have numerous bids for additional routes with existing and new customers currently in process of submission. We hope to announce additional business in the near future. Additionally, Raytheon Aircraft Co., and other companies have contracted with Alpine Air to conduct cargo modifications and additional services to a number of aircraft recently deployed to our service center in Provo, Utah. These services further aid to reduce Alpine's operating costs, as our service center now aids the profit center and business unit. We fully expect to return to profitability later this year."

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.