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Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a
leading provider of global air cargo services, today announced that
its subsidiary, Atlas Air, Inc. (Atlas Air), has entered into a
joint-venture agreement to build a new, strategically located cargo
warehouse at Incheon International Airport in South Korea.
The new facility will enhance the economics and efficiency of
services provided to customers of Atlas Air, its sister company, Polar
Air Cargo, Inc., and Atlas Air's joint venture partners.
The 129,000-square-foot (12,000-square-meter) Atlas Air Cargo
Terminal will be operated by AACT Company Limited, a joint venture
that includes Atlas Air and Sharp, Inc., a South Korean company
engaged in providing maintenance, ground and related support services
to Atlas Air, Polar Air Cargo and other airlines at Incheon airport.
Construction of the new warehouse is expected to begin shortly, and it
is anticipated to be fully operational by early 2008.
The facility will be the first at Incheon to include ownership by
a foreign carrier since the airport opened in 2001.
"We are extremely pleased to be joining with Sharp, Inc. and other
key investors in South Korea to develop a world-class cargo-handling
warehouse at Incheon airport," said William J. Flynn, AAWW President
and Chief Executive Officer. "Sharp has played an important role in
the success of our operations at Incheon, and we look forward to
working with them and our other joint-venture investors to meet the
growing needs of our customers while improving the efficiency,
reliability, quality and cost structure of our operations.
"Most industry observers agree that Asia will continue to outpace
the rest of the world in the growth of new air cargo traffic," Mr.
Flynn added. "Incheon is a critical hub for trans-Pacific and
intra-Asian air cargo traffic, and it is a frequent gateway of Polar
Air Cargo and other air carriers for air cargo service to Hong Kong,
Shanghai and Beijing. It is an ideal location for an air cargo
warehouse that will benefit the needs of our current and potential
customers, contribute to the expansion of Sharp's business, and appeal
to others seeking competitive warehouse services at a major Asian
airport."
Atlas Air has a 30 percent ownership interest in AACT Company
Limited and Sharp, Inc. holds 29 percent. The remaining ownership is
held in lesser percentages by several individual South Korean
investors. Other terms of the joint venture are not being disclosed.
About Atlas Air Worldwide Holdings, Inc.:
AAWW is the parent company of Atlas Air and Polar Air Cargo, Inc.
(Polar), which together operate the world's largest fleet of Boeing
747 freighter aircraft.
AAWW, through its principal subsidiaries Atlas Air and Polar,
offers scheduled air cargo service, cargo charters, military charters,
and ACMI aircraft leasing in which customers receive a dedicated
aircraft, crew, maintenance and insurance on a long-term lease basis.
AAWW's press releases, SEC filings and other information can be
accessed through the Company's home page, www.atlasair.com.
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 that
reflect AAWW's current views with respect to certain current and
future events and financial performance. Such forward-looking
statements are and will be, as the case may be, subject to many risks,
uncertainties and factors relating to the operations and business
environments of AAWW and its subsidiaries (collectively, the
"companies") that may cause the actual results of the companies to be
materially different from any future results, express or implied, in
such forward-looking statements.
Factors that could cause actual results to differ materially from
these forward-looking statements include, but are not limited to, the
following: the ability of the companies to operate pursuant to the
terms of their financing facilities; the ability of the companies to
obtain and maintain normal terms with vendors and service providers;
the companies' ability to maintain contracts that are critical to
their operations; the ability of the companies to fund and execute
their business plan; the ability of the companies to attract, motivate
and/or retain key executives and associates; the ability of the
companies to attract and retain customers; the continued availability
of our wide-body aircraft; demand for cargo services in the markets in
which the companies operate; economic conditions; the effects of any
hostilities or act of war (in the Middle East or elsewhere) or any
terrorist attack; labor costs and relations; financing costs; the cost
and availability of war risk insurance; our ability to maintain
adequate internal controls over financial reporting; aviation fuel
costs; security-related costs; competitive pressures on pricing
(especially from lower-cost competitors); volatility in the
international currency markets; weather conditions; government
legislation and regulation; consumer perceptions of the companies'
products and services; pending and future litigation; and other risks
and uncertainties set forth from time to time in AAWW's reports to the
United States Securities and Exchange Commission.
For additional information, we refer you to the risk factors set
forth under the heading "Risk Factors" in the Annual Report on Form
10-K filed by AAWW with the Securities and Exchange Commission on
March 15, 2007. Other factors and assumptions not identified above are
also involved in the preparation of forward-looking statements, and
the failure of such other factors and assumptions to be realized may
also cause actual results to differ materially from those discussed.
AAWW assumes no obligation to update such statements contained in
this release to reflect actual results, changes in assumptions or
changes in other factors affecting such estimates other than as
required by law.
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