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2008 News Releases

AirNet Systems Redesigns Network for Growth
September 24, 2008
AirNet Systems, Inc. (“AirNet”) today announced changes to its airline network and operations that will enhance services to customers and position the Company for future growth. 

AirNet Systems, Inc. Names New Chief Executive Officer
August 25, 2008
AirNet Systems, Inc. (“AirNet”) announced today that George Gonzalez has been named the Chief Executive Officer of AirNet, effective immediately.

AirNet Systems, Inc. Announces New Chief Financial Officer
August 11, 2008
AirNet Systems, Inc. (“AirNet”) announced today that Fred L. deLeeuw joined the Company as Chief Financial Officer, effective July 21, 2008.

AirNet Systems, Inc. Completes Merger and Becomes Affiliate of Bayside Capital, Inc.
June 10, 2008
AirNet Systems, Inc. (“AirNet”) announced that AirNet has completed the merger contemplated by the Agreement and Plan of Merger, dated as of March 31, 2008 (the “merger agreement”), by and among AirNet, AirNet Holdings, Inc. and AirNet Acquisition, Inc., which had been adopted by AirNet’s shareholders at the Special Meeting of Shareholders held on June 4, 2008.

AirNet Systems, Inc. Shareholders Adopt Agreement and Plan of Merger
June 4, 2008
AirNet Systems, Inc. announced that its shareholders voted to approve the proposal to adopt the Agreement and Plan of Merger, dated as of March 31, 2008 (the “merger agreement”), by and among AirNet, AirNet Holdings, Inc., and AirNet Acquisition, Inc. and to approve the merger contemplated thereby, at the Special Meeting of Shareholders held today.

AirNet Systems, Inc. Reports First Quarter 2008 Results
May 12, 2008
AirNet Systems, Inc. today reported total net revenues of $38.2 million for the three months ended March 31, 2008 versus $41.5 million for the same period last year, a decline of 8%.

AirNet Systems, Inc. Announces Agreement to Be Acquired By an Affiliate of Bayside Capital, Inc.
March 31, 2008
AirNet Systems, Inc. (“AirNet”) today announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Bayside Capital, Inc. (“Bayside Capital”) for $2.81 per share in cash.

AirNet Systems, Inc. Reports 2007 Results
March 31, 2008
AirNet Systems, Inc. today reported total net revenues declined 7% to $161.0 million for the twelve months ended December 31, 2007 from $172.8 million for 2006.

AirNet Systems Awarded Federal Reserve Contracts
January 8, 2008
AirNet Systems, Inc. today announced it has been awarded two contracts by the Federal Reserve System’s transportation group and has commenced service operations.