Alpine Air Express Posts Third Quarter 10-QSB.

PROVO, Utah -- Alpine Air Express Inc., the "Company," (OTCBB: APNX) announced that its operating subsidiary Alpine Aviation Inc., a leading provider of regional air cargo transport and logistics services, stated on its 10-QSB that during the quarter ended July 31, 2006, the Company had a net profit before taxes of $295,903 versus a net loss of $809,480 for the same quarter ended July 31, 2005.

During the three months ended July 31, 2006, the Company carried over 2,745 tons as compared to 5,855 tons in the same quarter last year, representing a decrease of approximately 53%. While there have been significant reductions in gross weights flown, there have also been significant changes to the Company's business operations, which accounts for Alpine's continued profitability. The Company has been able to deploy its aircraft from routes previously terminated to locations, which are more profitable.

Additionally, during the current quarter, the Company was awarded a contract to provide service for United Parcel Service in Washington state. The Company was also recently awarded new contracts with the USPS for service in Hawaii, Montana and South Dakota. These new contracts will be providing a significant increase in our revenue per pound than the previous contracts. The financial impact of the increased rate per pound for the new USPS contracts coupled with re-deployment of aircraft from Hawaii to the mainland has allowed the Company to upgrade its financial outlook, significantly reducing costs and increasing profitability.

Gene Mallette, CEO of Alpine Air, commented: "Our management team is excited to announce the continuation of our profitability by posting a net profit before income taxes of $295,903 for this quarter, which is a significant improvement from the same period last year. We continue to take steps to manage and monitor operating expenses for our flight operations in order to support the demanding needs of our business. We look forward to continued success."

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 USPS 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.