Alpine Air Receives Compensation Under Air Transportation Safety and System Stabilization Act.

Business Editors/Transportation Writers

PROVO, Utah--(BUSINESS WIRE)--Aug. 15, 2002

Utah Business Magazine Ranks Alpine 33rd on List of Top 100

Utah Based Public Companies

Alpine Air Express, Inc., (OTCBB:ALPE) a leading provider of regional air cargo transport and logistics services, today announced that it has received cash a reward of $78,512 from the U.S. Government under the Air Transportation Safety and System Stabilization Act. This payment compensates Alpine Air for a portion of losses incurred during the temporary grounding of its aircraft and interruption of some of its regularly scheduled flights as a result of the events of September 11, 2001.

Alpine is also pleased to announce that it has been recognized in Utah Business Magazine's 2001 list of the Top 100 Public Companies based in Utah. Alpine reached 33rd on the annual list, which ranks the top 100 publicly traded Utah-based companies according to year end 2001 sales revenue based on most recently reported 10-K public filings.

Eugene Mallette, CEO of Alpine Air Express, commented: "We are very honored to be recognized by Utah Business Magazine as one of the top public companies in Utah. Our rank and position on their list reflects the fundamental strength of our business and our ability to generate solid revenue despite a challenging operating environment."

Founded in 1975, Alpine Air Express provides competitively priced scheduled air cargo flights throughout the Western United States and Texas. 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.

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, the successful completion of the proposed leasing transaction, 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.