French Airlines say no to Terror11814

[Charlie Tuna]

Undervalued Weekly Reporter Initiates Coverage:
OTCBB: LAIR

UWR ALERT: Since September 11th traveling by air has 
become a combat zone. This Belgian airline carrier is 
taking over Sabena's once coveted Brussels hub, creating
low-cost direct international routes and providing high
quality service. With all of its competitive advantages
L-AIR Holdings (OTC BB: LAIR) is destined to become the
"JetBlue" (NASDAQ: BLU) of Europe.

HOW TO BENEFIT FROM THE AIRLINE CARRIER/TRAVEL CRISIS 
BY INVESTING IN HIGH GROWTH SAFE, SECURE and PROFITABLE
GLOBAL CARRIERS? L-Air Holdings, Inc. (OTC BB: LAIR) -
US$20M in revenue immediately from its first three routes.

Shares Outstanding-----------------22.305 Million
Shares in DTC----------------------4.5 Million
    DTC shares m'gt friendly-------900k 
    DTC management shares----------3.2 Million
    DTC shares in public float-----400k
Recent Price-----------------------$0.185
Year Low/Hi------------------------$0.09 - $0.185
Visist Website at lair.com 

If you are a frequent or even some-time airline passenger
then you already know how important it is to not only
receive a low-priced fare, but to get the most expeditious
and friendly customer service possible. This is where most
international airline carriers have failed since September
11th. Now that war with Iraq is likely, further financial
crisis at most of the major airlines is also likely.
Alternative international air carriers flying under flags
from countries not likely to be the target of terrorist
attack are seeing their bookings increase dramatically.

So who benefits from this? The airline carriers in
countries such as Belgium, France, Norway and others 
that, can operate safely and securely within this 
framework, while not sacrificing customer service and 
satisfaction through pricing. That is one of the reasons
why we believe L-Air Holdings, Inc. (OTCBB: LAIR) will
succeed particularly well in the short term. Long-term
we feel that the OTCBB: LAIR business model combined
with implementation by its impressive management team
and in-place financiers will bring much higher valuations
to this stock.

The Company's commitment to cost efficiencies and customer
satisfaction is at the core of its business model, just
like JetBlue (NASDAQ: JBLU), Southwest Air (NYSE: LUV),
and easyJet.com, all of whom are very successful within
their respective markets and industry leaders. This
international carrier is on the path to success. Fortune
Magazine recently stated that Southwest Airlines is the
all-time #1 successful investment. We feel L-Air Holdings
is on a similar path.

As recently reported in SPEEDNEWS (speednews.com),
the newsletter of record for the aviation industry,
L-Air Holdings is in the process of acquiring a European 
airline, Belgium Universal Airways, in order to receive
an AOC (air operations certificate). Within one-month
of finalizing the acquisition currently being negotiated
and receipt of its AOC, expected to be complete by March 1,
2003, LAIR will operate two Airbus A340-300 aircraft over
three high-traffic routes. Contracts for these routes are
in place with tour operators and other agencies providing
an initial and immediate revenue stream of approximately
US$400k weekly, or annualized revenues in excess of $20
million from existing contracts.

Based in Brussels, Belgian Universal Airways, through 
direct ownership by OTCBB: LAIR, is being transformed 
into a low-priced passenger airline providing exceptional
customer service, much like its USA based counterpart,
JetBlue (NASDAQ: JBLU). The Company plans an aggressive
expansion campaign as led by its capable ex-Sabena staff
and management with its financier and 51% owner Universal
Capital Partners (UCP). UCP has already spent over US$5
million and committed an additional US$10 million in cash
to the Company's initial operating budget. UCP has also
signed leases with major aircraft manufacturers to provide
LAIR with at least 5-Airbus 340-300 aircraft by year-end.
UCP is a majority shareholder of LAIR.

LAIR expects to take delivery of the first two freshly 
painted jets in April 2003 with the following routes to 
be serviced:

Route 1) Brussels -to- Puntancana (Caribbean - one of
the heaviest European tourist destinations currently)
	
Route 2) Yervena -to- LAX (Contracts with Armenian agency
to provide this much needed service to be announced upon
successful completion of acquisition)
	
Route 3) Toronto -to- Montreal -to- Delhi, India (No
competition on this highly lucrative and much needed
route as of yet)

Three additional Airbus 340's are to be acquired through
leases in the Fall of 2003. The carrier proposes to launch
new operations from its Brussels hub in April 2003.

Ask anyone in the airline industry what is the most
promising source of revenue growth with the current 
political situation and insurance cost nightmare for
U.S. and other majors and many will agree that small
carriers with high-traffic routes and good low
maintenance cost aircraft are the key. Focusing on
profitable long haul routes with low-cost maintenance
jets, while providing exceptional customer satisfaction
OTCBB: LAIR is one of these carriers. The Company's
commitment to cost efficiencies and customer satisfaction
is at the core of its business model, just like JetBlue
(NASDAQ: JBLU), Southwest Air (NYSE: LUV), and easyJet.com
all of whom are very successful within their respective
markets and industry leaders. This international carrier
is on the path to success.

About the Co. - Belgian Universal Airways, OTCBB: LAIR
Europe needs a safe and decent, well run Airline, managed
by highly qualified and experienced staff, that will
provide good service at a fair price for everyone. Since
the closure of Sabena in 2001 (the Belgian National
Airline) due to Swiss Air's bankruptcy (Swiss Air had
recently bought Sabena), there has been a need to revive
the once thriving wide International Flight Network based
in Brussels. In addition, since the September 11 tragedy,
carriers that are not terrorist targets are increasingly
being called upon to pick up these routes.

Through an acquisition of 49% of Belgian Universal Airways
by OTCBB: LAIR, UCP and Sabena's Captain Raymond Nicolai
are now preparing to meet this need. Universal Capital
Partners (UCP) is currently negotiating with the airline
to finalize an acquisition that will give UCP 51%
ownership, while 49% will reside with OTCBB: LAIR.

UCP is the single largest shareholder of OTCBB: LAIR 
currently. This structure is necessary to meet ownership
requirements mandating that 51% of a European air carrier
be European owned.

Captain Raymond Nicolai has dedicated his life to Aviation
since 1968. He is an ex-Belgian Air Force fighter pilot
and is an instructor on many types of Aircraft including
the company's chosen A340. Captain Nicolai is bringing
many of the former Sabena management and staff that will
comprise the bulk of the company's 100 plus in number
workforce. These well trained ex-Sabena staff members
are dedicated to the Company's (OTCBB: LAIR) mission of
creating a new Belgian National Airline that represents
excellence in all aspects, including on-time flights,
the highest level of customer service, cost efficiencies
in operations and maximization of profitability for its 
investors.

With the addition of many new international direct routes
to markets including Asia, Middle East, Africa, USA,
Canada, Caribbean and Europe the Company has a better
than average chance of achieving success due to the
lack of any competition servicing these routes currently.
Belgian Universal will operate a fleet of 5 Airbus
A340-300 aircraft capable of seating 220 Economy seats,
30 Business class full comfort pitch seat, and 10 First
class sleeperettes. All Belgian Universal's aircraft
feature roomy all-leather seats each equipped with
satellite phones and full individual multi-media systems
capable of delivering many different forms of
entertainment, including: a large selection of movies /
videos, music (MP3 and other format), computer/video games,
and the soon to be offered "on-board" Internet services.
All available at every seat along with the many high
quality amenities not found on existing air carriers
competing with the Company (OTCBB: LAIR).

With Belgian Universal, all seats are assigned, a good
percentage of travel is ticketless, all fares are one-way,
and a Saturday night stay is never required. 

For more information, schedules and fares, please visit
Website at lair.com. Press releases, can be found on 
the website at lair.com.  

Airline industry experts agree that the most promising
source of revenue growth with the current political 
situation and insurance cost nightmare for U.S. and 
other majors is within the group of small carriers with 
high-traffic routes and low-maintenance cost aircraft.
Focusing on profitable long haul routes with low-cost 
maintenance jets, while providing exceptional customer 
service, OTCBB: LAIR is one of these carriers. The 
Company's commitment to cost efficiencies and customer 
satisfaction is at the core of its business model, just 
like JetBlue (NASDAQ: JBLU), Southwest Air (NYSE: LUV), 
and easyJet.com, all of whom are very successful within 
their respective markets and industry leaders. This 
international carrier is on the path to success.


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In compliance with the Securities Act of 1933,
Section17(b), Undervalued Weekly Reporter discloses
the receipt of 167,500 unrestricted shares of LAIR
from a third party for the publication of this report.
Be aware of an inherent conflict of interest resulting
from such compensation due to our intent to profit from
the liquidation of these shares.  Shares may be sold at
any time, even after positive statements have been made
regarding the above company. All factual information in
this report was gathered from public sources, including 
but not limited to SEC filings, Company Press Releases, 
and Market Guide. 

Undervalued Weekly Reporter believes this information 
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