Welcome!

News Feed Item

Provo-Based Air Cargo Transportation Provider Announces New Ownership

PROVO, UT -- (Marketwired) -- 05/08/14 -- Alpine Air Express, Inc. (PINKSHEETS: APNX), one of the largest regional on demand air cargo providers in the United States, completed the sale and transfer of a controlling interest to KEB Enterprises on May 7, 2014.

Alpine Air Express has been providing regional air cargo charter flights for almost 40 years. After acquiring the company in 1986 and guiding a turnaround strategy that led to continued growth, CEO Gene Mallette sold his stake in the company to an entity controlled by KEB Enterprises, which is owned by Kenneth E. Brailsford. Mallette sold his Alpine Air Express common shares at a price of $0.9663 per share, which price may be adjusted later under the stock purchase agreement governing the sale of his interest. Mr. Mallette was the largest shareholder of the Company owning over 80% of the Company's common stock.

"I am truly excited about the continuity and transfer of ownership for all of our employees and clients," Mallette said. "We have created an excellent safety, and on-time culture within our employees; I know Alpine Air will continue to grow and build upon that hard-won legacy."

Brailsford will be the new President and CEO of Alpine Air with Bill Distefano remaining as the General Manager and Michael Dancy taking over business development.

With a fleet of 25 aircraft, Alpine Air Express currently provides on demand, non-scheduled air cargo flights to 16 cities in 6 states for a diverse client base that includes the United States Postal Service and other major international transportation and logistics companies.

"Alpine Air Express is an exciting company that's been well managed since its inception and we're excited about the future," Brailsford said about the recent acquisition.

The company's headquarters and maintenance facility are located in Provo, Utah with operations based in Billings, Montana.

Under the new ownership, Alpine Air's commitment to being a leader in the regional air cargo industry will remain as it continues to focus on providing excellent customer service, adapting efficiently to change, enhancing safety programs and offering rewarding career opportunities to its employees.

"I am so grateful to have worked at Alpine Air for the past 35 years," Mallette said. "I am proud to be part of building a small fixed-base operation into one of the largest regional all-cargo airlines in America. But the most gratifying and rewarding part of this experience has been the friendships and relationships that have been built with the people I got to work with!"

The purchaser of Mr. Mallette's interest and Alpine Air Express also plans on completing a merger in the coming weeks based on a merger agreement signed by the two companies also on May 7, 2014. As part of the agreement, Alpine Air Express will merge into the purchasing entity, which will be the surviving company.

When the merger is completed, the remaining shareholders of Alpine Air Express will receive a cash amount of $0.9728 per share. Additionally, all stock option holders in Alpine Air Express may receive the same value for their options less the option exercise price either by exercising them or receiving a payment for terminating their options. The cash amount to the remaining shareholders will represent an approximately 412% premium on Alpine Air Express's common stock closing price on May 7, 2014, which was $0.19 per share. More information about the merger will be provided in the coming days. The Company received a fairness opinion on the consideration being paid to the remaining shareholders.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...