L-Air Holding announces that due to the lack of cooperation of the French Civil Aviation Authorities for the re-issuance of the Air Transport Certificate of L-Air in Lyon-France that led to a number of Administrative and Judicial complications and uncertainties, the Board of Directors of the Company has decided to reverse the acquisition of Altitude Plus and to cancel the 12 million shares that were issued to Aeroplus for this acquisition.
Alex Goldman, President of the Company, which is also engaged in final negotiations to acquire a substantial interest in another European airlines operation, stated "One of the conditions of this acquisition, was that the company would come out of receivership in France Prior to February 1st 2003, and this did not happen, I considers that it is for the better interest of the shareholders of the Company to reverse this acquisition and to focus on the new acquisition that is offered to us in the same sector."
L-Air Reversal of Acquisition
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