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KOROR, Palau (Palau Horizon, May 31) — Midcorp Inc. and Palau Transpacific Airline Inc., or PAir, have reached an agreement in principle under which Midcorp will purchase PAir for an undisclosed amount of money, according to a statement from Jason Kesolei, vice president of Midcorp Inc. and attorney Johnson Toribiong, director of PAir.

PAir is a domestic airline which began flying the Palau-Taiwan route in November 2002, initially using an airplane from Mandarin Airline which was subsequently replaced by an airplace from Far East Transport, Inc.

PAir had been flying the Palau-Taiwan route as a domestic carrier until recently.

Midcorp has made arrangements to secure a new airplane to be used by PAir to fly the Palau-Taiwan route under the bilateral agreement between Palau and Taiwan.

Under the bilateral agreement, each country has the authority to grant four flights per week to each country’s flag carrier to fly between Palau and Taiwan.

The chairman of PAir’s board of directors is Sen. Alan Seid.

According to the Seid, PAir will resume its flights between Palau and Taiwan using a new airplane in July.

May 31, 2005

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