The story
The airline commenced operations on 31 October 2010 with flights to Brussels and Prague operated by contractor Central Connect Airlines. The name Air Lipsia came from the old Latin and Italian name for Leipzig. As of October 2010, services to other destinations such as London were planned with a leased Boeing 737-500.
The route to Prague was terminated less than a year later, by 10 June 2011, due to low passenger numbers while the service to Brussels was sent into hiatus. According to the schedule of Leipzig/Halle Airport, Air Lipsia didn't provide scheduled traffic anymore as of November 2013 with no other established sources regarding the whereabouts of the airline to be found.
From Wikipedia’s article on Air Lipsia, shared under CC BY-SA 4.0.3