American Utilicraft Corporation and Averitt Express Sign a Memorandum of Understanding to Develop Revolutionary Air Cargo Capacity Business Model.Business Editors Company Moves Ahead Aggressively With New Business Strategy American Utilicraft Corporation (AMUC AMUC Acta Mathematica Universitatis Comenianae ), today announced that the Company has a signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. for the exclusive sales of the air cargo air cargo: see aviation. capacity of the first 25 FF-1080 Freight Feeder Aircraft with Averitt Express, a full-service freight transportation and logistics provider - servicing more than 50,000 locations. "This Memorandum of Understanding represents the first step in pursuing the new American Utilicraft strategy to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the value that is created by our FF-1080 containerized con·tain·er·ize v.tr. con·tain·er·ized, con·tain·er·iz·ing, con·tain·er·iz·es 1. To package (cargo) in large standardized containers for efficient shipping and handling. 2. freighter aircraft. This will provide a great opportunity to prove the operating economics of the FF-1080 on a worldwide basis with a partner that is a leader in transportation logistics services to over 100 different countries and 300 international destinations," stated, John J. Dupont, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Utilicraft. Over the next 60 days, American Utilicraft and Averitt Express will proceed with the development of a Strategic Capacity Implementation Plan, which will define a Capacity Services Agreement for the initial 25 FF-1080 aircraft. It is anticipated that the Capacity Services Agreement will result in a definitive contractual arrangement between the companies, providing containerized revenue capacity for five years to Averitt Express, on a wholesale basis, with an automatic option for renewal of the agreement. AMUC anticipates the value, of the proposed Capacity Services Agreement, to be approximately $875 million over the five year period. The Company expects to have the initial 25 FF-1080 aircraft in service by fourth quarter 2004. American Utilicraft proposes to provide the capacity through the acquisition of operating companies and the development and production of its FF-1080 Freight Feeder Aircraft. Averitt Express proposes to sell the exclusive capacity, on a retail basis, through its sales force to existing customers and to the global air freight air freight n → flete m por avión air freight n → fret aérien air freight air n → Luftfracht f forwarding community. American Utilicraft Corporation (AMUC), is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. in the business of providing highly competitive wholesale air cargo capacity to the U.S. and international cargo markets, by acquisition of high quality air freight airlines, the development of strategic alliances - in combination with the development of its new freight feeder aircraft. Averitt Express Established in 1971, Averitt Express is a full-service freight transportation and logistics provider. Based in Cookeville, Tennessee Cookeville is a city in Putnam County, Tennessee, United States. The population was 23,923 at the 2000 census. The 2004 Census estimate of Cookeville's population is 27,648, and the combined total of those living in Cookeville's ZIP codes in 2000 is 55,448. , Averitt provides less-than-truckload, truckload, expedited (ground and air), international (air and ocean), dedicated, and logistics services. Averitt operates more than 80 service centers and serves more than 50,000 direct points throughout the Southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. , Canada, Mexico, and the Caribbean. Averitt also provides international transportation services to 100 different countries and more than 300 international destinations. For more information, customers can call 1-800-AVERITT or visit www.averittexpress.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This press release and certain statements (attributable to the Company) as published in Cargo Facts contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements in this press release involve risks and uncertainties and reflect the Company's current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may differ materially from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements: the Company's ability to obtain and fulfill contracts for the sale of products, protect intellectual property rights and manage future growth; marketing acceptance of future products; product suppliers delays; design and engineering certification delays or denials; and the introduction of similar products by competitors. Any forward-looking statement made in this press release is made as of the date of this press release, and the Company assumes no obligation to update any such forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect the Company's business, particularly those mentioned in the Risk Factors section contained in the Company's Form SB-2, as filed with the Securities and Exchange Commission. For more information visit the Company's website at www.utilicraft.com. |
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