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Transtar Holdings Explain LorAir's Primary Objectives20 June 2001FOUNTAIN VALLEY, California -- (Press Release) -- June 20, 2001 -- Transtar Holdings, Inc. (OTCBB:TNNS) recently announced a Letter of Intent to acquire LorAir LTD., a ``supplemental charter air carrier.'' LorAir's primary objective is to serve the air transportation needs of hotel casinos in gaming-intensive areas, namely, Las Vegas, Reno, Laughlin and other gaming resorts outside of the state of Nevada. Recently, several major commercial airlines have either reduced or totally abandoned the Las Vegas and Reno markets for much of their formerly frequent passenger service. This has left Reno with some 95,000 less passengers per month than it formerly enjoyed. Flights to and from Las Vegas from all parts of the United States are generally running at capacity load factors and the hotel/casinos are feeling the pinch of reduced air service. The market is thus ``wide-open'' for LorAir. Currently, negotiations are underway with major Las Vegas casino operators for long-term charter contracts, which, according to their terms under discussion, will be highly rewarding to LorAir. |