VIRGIN GROUP and SN Airholding are Conducting Merger Talks, Not Take-over Talks

Paris, FRANCE


BRUSSELS, March 4, 2004 (PRIMEZONE) -- Following an inaccurate report in a Belgian daily, David Hoare, Chairman of Virgin Express Holdings (Euronext Brussels:VIRE) (OTCBB:VIRGY), has given the following comment: "Since September 2003, SN Airholding (the main shareholder of SN Brussels Airlines) and the Virgin Group (the main shareholder of Virgin Express) have been exploring the possibility of a merger. These talks are not about a take-over of either company. In the event that the current talks lead to a merger, Sir Richard Branson will be by far the largest ultimate shareholder in the new company.

"There has been no significant change in the situation since my announcement of 14th September 2003 in which I said that I will inform the market as soon as there is substantive news."


        

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