Alpine Air Express (AIP, Provo) has completed the sale and transfer of a controlling interest to KEB Enterprises. The Utah-based freight specialist told ch-aviation that CEO Gene Mallette had 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 USD0.9663 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," it said.

The purchaser of Mr. Mallette's interest and Alpine Air Express plan to complete a merger in the coming weeks under whose terms Alpine Air Express will merge into the purchasing entity, which will be the surviving company.

Once the merger is completed, the remaining shareholders of Alpine Air Express will receive a cash amount of USD0.9728 per share.

With a fleet of 25 turboprops, 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.