Carcorp USA Inc. Receives Shareholder Exchange Agreement for Final Review and Approval of Airline Acquisition.

Business Editors

DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Jan. 30, 2003

Carcorp USA Inc. (OTCBB:CUSA), a Delaware Corporation has received the shareholder exchange agreement from Elite Flight Solutions Inc., an airline transportation and charter air service company.

With the receipt of this shareholder exchange agreement, Carcorp USA Inc. draws closer to the closing and completion of the transaction and transformation to a full air transport company.

"With the emergence of new air transport companies and their growing success, I am convinced and enthusiastic about our acquisition and transformation into the this arena of business," said Michael DeMeo, President of Carcorp USA Inc. "The overall time table combined with Elite Flight Solutions expansion plans and proposed growth projections lead me as President and majority shareholder of the company to change direction to this fast growing industry," DeMeo added.

The closing date of, on, or before February 28, 2003 is expected. The transformation process is already underway and the final due diligence and documentation is nearing completion.

Upon final approval of the Shareholder Exchange Agreement and majority vote and shareholder approval of this acquisition the closing process will be completed.

Upon closing Elite Flight Solutions Inc. will select a new board of directors experienced in airline operations and growth. A new corporate structure reflecting the related industry will also be appointed. A seasoned and experienced acquisition team for future roll ups will also be part of the executive staff.

Kirkpatrick and Lockhart LLP of Miami is preparing the final closing documents.

Forward Looking Statements:

Statements about the company's future expectations, including the future earnings or revenues, and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of section 27A of the Securities Act of 1933, section 21E of the securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; the company will appropriately inform the public.

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