PEACHTREE CITY, Ga., Dec. 12 /PRNewswire-FirstCall/ -- World Air Holdings, Inc. (Nasdaq: WLDAE), parent company of World Airways and North American Airlines, today announced it has signed a letter of intent to lease three Boeing 747-400 Special Freighter aircraft, contingent upon approval by the lessor's board of directors. The aircraft will be converted from passenger configuration to freighters prior to delivery, with the first aircraft scheduled to be delivered in June of 2008. Additional deliveries are planned in November 2008 and May 2009 .
"This is a significant milestone for our company, as we have been looking for some time to expand our product offering in the growing air cargo market," said Jeff MacKinney, World Air Holdings president. "We believe the 747-400 freighter is, and will continue to be, a vital component of the international air freight market, particularly to and from markets in Asia. These aircraft will allow us to continue to build our ACMI cargo business, where we have seen solid growth and new long-term contracts with our existing MD-11 freighter fleet."
The three 747-400SF aircraft, to be leased under seven-year terms, were formerly operated by United Airlines as passenger aircraft.
World Air Holdings has three wholly owned subsidiaries, World AirwaysInc., North American Airlines Inc., and World Risk Solutions Ltd. World Airways is a charter passenger and cargo airline founded in 1948, North American is a charter passenger airline founded in 1989, and World Risk Solutions is an insurance subsidiary established in 2004. For additionalinformation, visit www.worldairholdings.com
["Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties including, but not limited to, the impact of competition in the market for air transportation services, the cyclical nature of the air carrier business, reliance on key marketing relationships, fluctuations in operating results and other risks detailed from time to time in the company's periodic reports filed with the SEC (reports are available from the company upon request). These various risks and uncertainties may cause the company's actual results to differ materially from those expressed in any of the forward looking statements made by, or on behalf of the company in this release.]
SOURCE World Air Holdings Inc.
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