Alpine Air Outlines Growth Strategy for 2003; Alpine Recently Released Its Growth Planning in a Shareholders Letter.

Business Editors

PROVO, Utah--(BUSINESS WIRE)--Dec. 17, 2002

Alpine Air Express Inc. (OTCBB: ALPE), a leading provider of regional air cargo services, announced its growth plans and strategy for the calendar year 2003 in a shareholders letter recently made available on their corporate Web site's investor section, www.alpine-air.com.

In the shareholders letter, Gene Mallette, the company's chairman and CEO, commented: "Clearly, the past two years have been tumultuous times for the air cargo industry. The Boeing Co. last September projected that world air cargo traffic is expected to expand at an average rate of 6.4 percent per year during the next two decades. The Boeing Co. further noted in the September press release, 'World air cargo traffic is expected to triple during the 20-year forecast period.' We at Alpine Air Express are eager to go after our fair share. During the 30 years since we started as an FBO operation, we have experienced a tough industry. Our business model, however, has proven successful. In fact, during the last 10 years, we have posted 40 consecutive quarters of profitability. We attribute this to careful decision making and a clear cost-conscious effort to provide superior on-time service to our customers year after year.

"In the calendar year 2003, we expect to provide additional value to our shareholders through enhancements to our executive management; aggressive international growth; further development with our fleet planning; and domestic growth through aircraft and route acquisition with a focus on increased aircraft utilization, load size and route frequencies. Additionally, in early 2003 in conjunction with a fairness opinion by our new investment banker, Wells Fargo Securities, we expect the preparation of an equity instrument to acquire from both our leasing companies, CLB and Mallette family, our currently leased aircraft. Thus when complete, Alpine Air Express will benefit from a reduced operating overhead as a result of eliminating aircraft lease payments. Moreover, the company also expects additional revenue from aircraft leasing to a noncompeting air-cargo operator that is flying several additional daily routes."

A complete view of the shareholders letter is available from the company Web site's investor section at www.alpine-air.com.

Founded in 1975, Alpine Air 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 for the United States Postal Service, freight forwarders and other cargo and logistics firms. Alpine provides superior "on time" performance and reliability, together with the flexibility to adapt quickly to the growing frequency and capacity requirements of its clients. Alpine Air Chile, a subsidiary of Alpine Air Express (ALPE), serves the country of Chile, from its base in Santiago.

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, including its most recent Form 10-Q and Form 10K. 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.