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American Eagle signs letter of intent to sell Executive Airlines.

AIRLINE INDUSTRY INFORMATION-(C)1997-2002 M2 COMMUNICATIONS LTD

American Eagle has signed a letter of intent to proceed with the sale of Executive Airlines to Joaquin Bolivar.

The airline - which currently operates as American Eagle from its hubs in Miami and San Juan to

destinations throughout Florida, the Caribbean and the Bahamas - is expected to be sold during the first quarter of 2003.

American Eagle is also taking steps to ensure that American Airlines stays in compliance with its contract with the Allied Pilots Association (APA). The contract limits the amount of flying which can be done on the American code.

Joaquin Bolivar is a Puerto Rican businessman and chairman and CEO of the Water Club Hotel and the Excelsior Hotel. He also founded Executive Air Charter in 1979.

((Comments on this story may be sent to aii.feedback@m2.com))

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