jonnyjetprop

Global Aero Logistics Completes Acquisition of World Air Holdings



INDIANAPOLIS, Indiana – Aug. 14, 2007 - Global Aero Logistics Inc., the parent company of ATA Airlines, Inc., announced today the completion of its acquisition of World Air Holdings, Inc., (OTC: WLDA.PK) the parent company of World Airways, Inc. and North American Airlines, Inc. Global acquired World Air in a cash merger with a price per share of $12.50 and a total transaction value of approximately $315 million.



The combined company will provide diverse airlift services, including scheduled and charter passenger service as well as cargo charters. The new entity will have a combined workforce of more than 4,500 employees, 56 aircraft and 2006 revenues of approximately $1.6 Billion.



Global's majority owner is MatlinPatterson Global Opportunities Partners II. As a result of the merger, World Air Holdings will cease being a public SEC reporting company and its stock will cease trading. World Air Holdings' shareholders will receive instructions on submitting their shares to the exchange agent for a cash payment.



About Global Aero Logistics Inc.

Global Aero Logistics Inc. is the parent company of ATA Airlines, Inc, World Airways, Inc. and North American Airlines, Inc.



In its 34 th year of operations, ATA offers affordable scheduled service travel from destinations such as Guadalajara , Cancun , Hawaii , Oakland , Chicago , New York , Dallas/Ft. Worth and Washington , DC . Through connecting Southwest Airlines codeshare flights, ATA now serves customers in more than 60 markets. ATA is also a leading passenger charter airline serving the U.S. military and many other government and commercial customers. ATA operates a fleet of 29 aircraft. For more information, visit www.ata.com .



World Airways, Inc. provides customized transportation services for major international passenger and cargo carriers, international freight forwarders, the U.S. military and international leisure tour operators. Founded in 1948, World operates a fleet of 17 wide-body aircraft to meet the specialized needs of its customers. For more information, visit www.worldairways.com .





North American Airlines, Inc. offers air transportation services throughout the world for the U.S. military and commercial customers. Founded in 1989, North American operates a fleet of 10 aircraft in charter and scheduled service. For more information, visit www.flynaa.com .



Media Contacts:

Maya Wagle, Global Aero Logistics Inc.

317-282-2659



Steve Forsyth, World Air Holdings, Inc.

770-632-8322

FliFast

I wonder how long it will be before they start pitting one group against the next to reduce labor costs.

Who knows maybe they will hire Michael Vick in for labor negotiations....woof woof.

FF

MD-11Loader

They won't hire Michael Vick, he will be too busy with his new endorsment deal with Hush Puppies.

I am not sure how I feel about the merger. One one side we all know that North American is what cost us our profit sharing checks, but on the other is it really good to have three airlines that are on competing AMC teams? Should be interesting how this all pans out.

dc10pilot

happened too late to change this year but next year look for AMC to make a change and put all 3 on the same team - ATA would move over to the team with World and NA

satchip

Does Southwest own a piece of that action? Didn't they buy or help out ATA a couple of years ago?

HalinTexas

Nope.

SWA had to divest themselves from owning any part of another airline. Scope clause.

However, our union was told by a "four star" on the World BOD that Herb had a hand in this GAL-World, NA transaction.

satchip

Halin, nice picture of Cathedral Rock in your Av. I fly over that quite frequently.

Freightpuppy

I wouldn't exactly call it "helping" ATA out. They were helping themselves out.

HalinTexas

Unfortunately, that ain't cathedral rock. It's just a hill behind a big flagpole in Lajitas, TX.

It's right on the border. It's there or S. Padre when I finally give up on this business.

satchip

I should have said Cathedral Mountain near Alpine, TX on VR 196.

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