There is no guarantee that records
needed to comply are even kept beyond a reasonable period.
"Latin American airlines already pay millions of dollars in U.
PriceSmart now operates 26 warehouse clubs in 12 countries and one U.

fleet alas

AITAL, http://www .

salvador barrios

airlines have the majority
share of air service between the U. It would be as if international governments decided to tax
reporters' income for the time spent conducting regular assignments
during short visits to other countries," de Gunten said.S.1% in 2004, compared to 27.

roads bus

S. gateway.S. airlines , pilots and flight
attendants even more. government continues to penalize its industry
and international airlines, including recent proposals to increase
security fees," de Gunten added. and that going forward the
elimination of losses from the Mexico operations will have a positive impact
on the Company's future operating results.S.
territory (four each in Panama and the Philippines; three in Costa Rica; two
each in Dominican Republic, El Salvador, Guatemala, Honduras, and Trinidad;
and one each in Aruba, Barbados, Jamaica, Nicaragua and the United States
Virgin Islands).

dangriga barrios

S.
After this, Latin American airlines would have to assess taxes on
all different salary levels, including differing levels for each
person, since each employee would have received one or more pay raises
during the last decade.

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airspace on their
way to/from a U.
"The IRS has given no reason why airlines alone are being
targeted, and why cruise lines and other modes of transportation are
exempted . and Latin America and pay much
higher salaries to their crew than Latin American carriers. Any
reciprocal penalties would hurt U. budget deficits.S.9% for Latin carriers operating to
the U., Robert E.

gorda highways

tax withholding and filing requirements for
salaries earned when they are on their way to the U.S."
"Why airlines and why Latin America? If the U.
"The administrative nightmare this imposes on Latin American
airlines is not just unacceptable and unjustified, but it is a
colossal waste of time and resources," said de Gunten.S. de C.

This press release may contain forward-looking statements concerning the
Company's anticipated future revenues and earnings, adequacy of future cash
flow and related matters.

For further information, please contact Robert E.

barrios honduras

S.A.

salvador logistics

from the moment
they enter U. "U. Treasury; to the contrary it will decrease those
funds.S. Its
member carriers have total revenue of more than $12 billion, operate
more than 550 aircraft and employ 65,000 workers in Mexico, Costa
Rica, Honduras, Guatemala, El Salvador, Nicaragua, Panama, Colombia,
Venezuela , Peru, Ecuador, Bolivia, Brazil, Argentina, Chile, Paraguay,
Uruguay and in other nations the airlines serve.

PriceSmart Mexico Business to Close

(Nasdaq: PSMT) today announced that Grupo Gigante S . The closure is expected to be completed by February 28, 2005.V. These forward-looking statements include, but are
not limited to, statements containing the words "expect," "believe," "will,"
"may," "should," "project," "estimate," "scheduled," and like expressions, and
the negative thereof .

nicaragua bus

is a 50/50 joint venture of Grupo Gigante S.

fleet fares

guatemala highways

The IRS is expected to go after international airlines in
other countries as it seeks to implement arcane discriminatory
regulations that go against bilateral treaties and other conventions
in place for many years, AITAL said. government also has given no reason why it has only
targeted airlines from Latin America, and not airlines of other
regions of the world.S.
AITAL member airlines are as equally concerned about the
administrative burden of undertaking these audits as the potential
back taxes themselves. airlines operating to Latin America
was 72.

logistics requena

This is not what allied countries do to each
other." The market share for U. The industry continues to struggle
to recover and the U.

nicaragua roads

S.

railroads belize

This targeted attack on Latin American airlines is aimed at pilots
and flight attendants of international airlines flying to the U.S.S. "The
consequences eventually could affect trade between nations and not add
one cent to the U.
de C. Heffner, Executive Vice President
and Chief Financial Officer (858) 404-8826.

hedman gorda

S.org, was founded in 1980 as a non-profit
organization and currently members 22 airlines in Latin America.
PSMT Mexico, S.S. These statements are subject to risks and uncertainties
that could cause actual results to differ materially , including the following
risks: the Company had a substantial loss in fiscal 2003, in fiscal 2004 and
the first quarter of fiscal 2005 and may continue to incur losses in future
periods; the Company is required to comply with financial covenants governing
its outstanding indebtedness and is out of compliance with certain covenants,
which gives lenders the right to accelerate the Company's indebtedness; the
Company's financial performance is dependent on international operations; any
failure by the Company to manage its widely dispersed operations could
adversely affect its business; although the Company has taken steps to
significantly improve its internal controls, there may be material weaknesses
or significant deficiencies that the Company has not yet identified; the
Company is currently defending litigation relating to its financial
restatement; the Company faces significant competition; the Company may
encounter difficulties in the shipment of and inherent risks in the
importation of merchandise to its warehouse clubs; the success of the
Company's business requires effective assistance from local business people;
the Company is exposed to weather and other risks associated with
international operations; declines in the economies of the countries in which
the Company operates its warehouse clubs would harm its business; a few of the
Company's stockholders have control over the Company 's voting stock, which
will make it difficult to complete some corporate transactions without their
support and may prevent a change in control; the loss of key personnel could
harm the Company 's business; the Company is subject to volatility in foreign
currency exchange; the Company faces the risk of exposure to product liability
claims, a product recall and adverse publicity; a determination that the
Company's long-lived or intangible assets have been impaired could adversely
affect the Company's future results of operations and financial position; and
the Company faces increased costs and compliance risks associated with Section
404 of the Sarbanes-Oxley Act of 2002; as well as the other risks detailed in
the Company's SEC reports, including the Company's Form 10-Q filed pursuant to
the Securities Exchange Act of 1934 on January 14, 2005.

requena dangriga

Business Editors/Aviation Writers /Travel Writers/Transportation
Writers

WASHINGTON----In a press conference
in Washington today, AITAL, the Latin American Airline Association,
deeply criticized the U. SAN DIEGO, PriceSmart , Inc. have decided to close the warehouse club operations of PSMT Mexico, S.A.-style
membership shopping warehouse clubs in Central America, the Caribbean, and
Asia, selling high quality merchandise at low prices to PriceSmart members.

salvador railroads

S.S.S. airspace and for how long,
and when they reported for work .
taxes, fees, security costs, navigation payments and other fees that
fund the U. Price, PriceSmart 's Chairman and
Interim Chief Executive Officer said, "Based on current financial projections
management believes that the closing of the Mexico operation should not result
in any significant book loss for PriceSmart, Inc.

fares ticketing

S.
and subjects them to U. Airlines would be required to research more
than 100,000 individual time sheets over the last decade, try to
figure out when each employee was over U.S.
"These actions must stop immediately, for the good of everyone
involved," he said.

ports fares

government for seeking new taxes from Latin
American airlines and their employees that use U. The Internal Revenue Service has begun
selectively targeting Latin American airlines in seven countries:
Brazil, Chile , Costa Rica, El Salvador, Guatemala, Peru, and Panama,
and advised that it would be targeting other carriers in the region,
AITAL said. and PriceSmart,
Inc.V.

railroads alas

V."

About PriceSmart
PriceSmart, headquartered in San Diego, owns and operates U.

terminals roads

airspace, and from the time they start preparing to
take a return flight home, AITAL said.V. The joint venture will continue to have real estate assets
and is evaluating various business strategies associated with those assets,
including leasing, selling or further commercial development of the sites.

Includes area transportation resources for people traveling to and from, and within the region.

fleet punta

de C.
Speaking for PriceSmart, Inc . We assume no
obligation and expressly disclaim any duty to update any forward-looking
statement to reflect events or circumstances after the date of this
presentation or to reflect the occurrence of unanticipated events.

panama nicaragua

"
"These regulations are being enforced on a selective,
discriminatory and arbitrary basis in an ill-advised attempt to offset
U. transport industry.S.aital.A. de C. and PriceSmart, Inc. and currently operates 3 membership warehouse
clubs in Mexico. Price, Interim Chief
Executive Officer (858) 551-2336; or John M.

bus logistics

IRS Targets Latin American Crews When Flying Over U.S . Airspace According to AITAL

The U. authorities are
targeting Latin American airlines, they should be ready for
significant and swift retaliatory measures by Latin American
governments, " said Alex de Gunten, Executive Director of the Latin
American Airline Association (AITAL).

A.

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---

- - kjjkjk

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