CONTINENTAL TO COMPLETE PURCHASE OF AIR MICRONESIA

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HOUSTON (June 25, 1997 - PIDP/CPIS) --- US-based Continental Airlines is planning to purchase, for US$73 million, the remaining nine percent interest in Air Micronesia that it does not now own.

Continental Air Micronesia --affectionately known as Air Mike-- operates a major airport hub in Guam, flying from there to Asian, Pacific, and the US Mainland destinations. Its "Island Hopper" flights provide the primary commercial air service to the Marshall Islands, the Federated States of Micronesia, Palau, and Johnston Island.

Continental has signed a letter of intent to purchase all of United Micronesia Development Association's remaining Air Micronesia stock. Approval of the transaction is expected at a meeting of the Association's stockholders on July 10.

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