UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  December 3, 2003

 

 

 

Item 5.            Other Events and Regulation FD Disclosure.

 

On December 3, 2003, AirNet Systems, Inc. issued a news release announcing the creation of a wholly-owned electronic check processing subsidiary, Fast Forward Solutions, LLC.  A copy of this news release is included as Exhibit 99 and incorporated herein by reference.

 

Item 7.            Financial Statements and Exhibits.

 

(a) and (b)       Not applicable

 

(c) Exhibits:

 

99

News Release issued by AirNet Systems, Inc. on December 3, 2003

 

[Remainder of page intentionally left blank;

signature on following page.]

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	AIRNET SYSTEMS, INC.
Dated:  December 3, 2003	By:	/s/ Gary W. Qualmann
		Gary W. Qualmann Chief Financial Officer, Treasurer and Secretary

 

 

INDEX TO EXHIBITS

 

Current Report on Form 8-K

Dated December 3, 2003

 

AirNet Systems, Inc.

 

 

Exhibit No.		Description
99		News Release issued by AirNet Systems, Inc. on December 3, 2003

 

 

Exhibit 99

 

	[AirNet Logo]
	AirNet Systems, Inc.
	3939 International Gateway
	Columbus, Ohio 43219
News Release

 

FOR IMMEDIATE RELEASE

For Additional Information Contact:

 

AirNet Systems, Inc. Jeff Harris (614) 236-3866

InvestQuest, Inc. Bob Lentz (614) 876-1900

 

 

AirNet Systems, Inc. Establishes Electronic Check Processing Subsidiary

 

COLUMBUS, Ohio - December 3, 2003 — AirNet Systems, Inc. (NYSE: ANS), a premier provider of aviation services including time-sensitive small package deliveries and private passenger charter, announced today the creation of a wholly owned subsidiary, Fast Forward Solutions, LLC.

 

Fast Forward’s primary focus will be the sale of newly developed payment solutions to financial institutions which utilize cutting-edge software technology, existing and emerging image platforms and opportunities resulting from enactment of federal legislation known as Check 21, which becomes effective in October 2004. Fast Forward will leverage longstanding customer relationships established by AirNet and seek to work with additional financial institutions to design solutions which optimize the forward collection process based on check truncation opportunities created by Check 21.

 

About AirNet Systems, Inc.

 

AirNet operates AirNet Express, an integrated national air transportation network providing expedited air transportation to banks, medical customers and other time-critical small package shippers in more than 100 cities nationwide. AirNet is committed to safety, security and customer service — these are the hallmarks of AirNet’s success over the last 28 years. The AirNet airline operates more than 120 aircraft, including 36 Learjets, located strategically throughout the United States, flying over half a million miles per week. AirNet’s fleet departs most cities several hours after other major package delivery companies. To find out more, visit AirNet’s web site at www.airnet.com.

 

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