UPS BEGINS DIRECT FLIGHTS BETWEEN HONG KONG, PHILIPPINES
Expanded Route Brings Greater Reliability, Efficiency to Region
HONG KONG, Feb. 20, 2003 - United Parcel Service (NYSE:UPS) today announced the successful launch of direct air service between Hong Kong and its intra-Asia hub in the Philippines (Clark), providing another direct link for customers shipping within Asia and around the world.
"By utilizing our own aircraft, UPS gains the flexibility to operate its network even more efficiently and reliably for the benefit of customers," said Richard Loi, managing director of UPS Hong Kong.
The new service was launched after UPS received an interim grant of authority from the U.S. Department of Transportation to expand its service to and through Hong Kong. The United States and China negotiated a bilateral aviation agreement in October 2002 that authorizes such "beyond" rights, and UPS has applied for permanent authority to use 18 of the new flight frequencies.
Launched less then a year after UPS opened its intra-Asia hub at Clark in the Philippines, the new flights enable UPS to connect Hong Kong and the South China region to major business centers in Asia and Europe. UPS will use a Boeing 767 jet for the daily flights between Hong Kong and its air hub at Clark.
By liberalizing its existing air agreement with the United States last year, Hong Kong increased access for U.S. carriers by more than 700 percent. UPS believes the move further strengthens Hong Kong's role as a major logistics center in Asia and an important gateway to the booming South China region.
UPS is the world's largest global transportation company, offering the most extensive range of e-commerce and supply chain solutions for the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at www.ups.com.
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Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, governmental regulations, our competitive environment, strikes, work stoppages and slowdowns (or customer behavior in anticipation of such events), increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference.
Contacts:
John Wheeler
404-828-6463
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