LONDON, Sept. 29, 2004 (PRIMEZONE) -- The negotiators of Virgin Express Holdings PLC (Euronext:VIRE) (OTCBB:VIRGY), the majority shareholder of Virgin Express NV/SA, and the negotiators of SN Airholding II, the majority shareholder of SN Brussels Airlines, have held meetings in Brussels this week to finalise the terms pursuant to which Virgin Express NV/SA and SN Brussels Airlines will be placed under the common ownership of SN Airholding II. The documentation is due to be submitted for formal approval by the Boards of Virgin Express Holdings PLC and its majority shareholder, Virgin Sky Investments Limited, on Tuesday 5th October 2004. If approved by these boards, the agreement is expected to be signed on 5th October 2004 by all parties.
The agreement follows the framework of a Letter of Intent of 16th March 2004 with certain agreed alterations to valuation reflecting current circumstances in the market.
A further announcement with more detailed information on the transaction will be made as soon as it has been approved by all the parties concerned.
This announcement is not an offer of securities for sale in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration. Any offering of the securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and will contain detailed information about the Company and its management, as well as financial statements.