UNIVERSAL EXPRESS TO RESCUE CARGOLIFTER FROM BANKRUPTCY

UNIVERSAL EXPRESS TO RESCUE CARGOLIFTER FROM BANKRUPTCY

   Universal Express, Inc., an air courier and logistics company based in Boca Raton, Fla., said on Monday that it intends to acquire CargoLifter AG, the troubled German company that aims to develop large airships to carry heavy cargo.

   “After numerous meetings with our advisors and bankers, we have indeed signed a letter of intent to acquire assets of CargoLifter out of re-organization in Germany,” Universal Express said.

   The company said that it believes that there is a place in the future of air travel to incorporate the high speed cargo lighter-than-air dirigibles constructed in Germany.

   “Since CargoLifter is presently in receivership, this exciting transaction and opportunity still has numerous governmental and legal approvals as well as our completed due diligence process to be completed,” a spokesman for the acquiring company said.

   CargoLifter owns a large hangar and production facilities on 500 acres in Brand, 42 miles southeast of Berlin.

   “With the numerous contracts and future commercial and governmental programs for airship concepts exploding, a company like Universal Express that strives to be on the cutting edge of new ideas is perfect to assist in the marketing and distribution of such a futuristic concept”, said Richard Altomare, president and chief executive officer of Universal Express.

   Founded in 1996, CargoLifter was set up to develop, construct, operate and market large airships for the worldwide transportation of large and heavy goods. The company has been working on the development of helium-filled 260-meter-long airships, and filed for bankruptcy in June.