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2005 News Releases

AirNet Systems, Inc. Announces Termination of Letter of Intent
December 16 , 2005
AirNet Systems, Inc. today announced that it has been unable to reach a definitive merger agreement with the private equity investment firm that entered into a letter of intent with the company on October 26, 2005.

AirNet Systems, Inc. Announces Extension of Letter of Intent Exclusivity Period and Engagement of Giuliani Capital Advisors
December 1 , 2005
As previously disclosed, on October 26, 2005, AirNet Systems, Inc. entered into a letter of intent for the sale of the company to a nationally recognized private equity investment firm in a going private transaction for $4.55 per share.

AirNet Systems, Inc. Files for Extension of Filing Date of its Third Quarter Form 10-Q
November 15 , 2005
AirNet Systems, Inc. announced today that it had filed a Notification of Late Filing on Form 12b-25 in order to extend the deadline for its third quarter Form 10-Q from November 14, 2005 until no later than November 21, 2005.

AirNet Systems, Inc. Announces Execution of Letter of Intent for Sale of The Company
October 26 , 2005
AirNet Systems, Inc. today announced that it has entered into a letter of intent for the sale of the Company to a nationally recognized private equity investment firm in a going private transaction for $4.55 per share.

AirNet Systems, Inc. Announces Annual Meeting Date
October 10 , 2005
AirNet Systems, Inc. today announced that its Board of Directors has established December 16, 2005 as the date of AirNet’s 2005 Annual Meeting of Shareholders.

AirNet Systems, Inc. Receives Listing Notification From NYSE
August 5, 2005
AirNet Systems, Inc. today announced it received notification on August 1, 2005 from the New York Stock Exchange ("NYSE") stating that a review of the Company's current financial condition shows it is below the recently increased criteria for continued listing.

AirNet Systems, Inc. Appoints Two New Board Members
July 25, 2005
AirNet Systems, Inc. today announced that James Chadwick and Gerald Hellerman have been appointed to the Board of Directors, effective July 20, 2005.

AirNet Systems, Inc. Announces Two New Appointments
June 30, 2005
AirNet Systems, Inc. today announced that on June 27, 2005, the Board of Directors approved the promotion of Wynn D. Peterson to Senior Vice President, Jetride Services, retroactive to June 17, 2005.

Airnet Systems, Inc. Announces Initiation Of Marketing Process
May 4, 2005
AirNet Systems, Inc. today announced that the Board of Directors unanimously authorized Brown Gibbons Lang & Company ("BGL") to solicit potential offers to acquire the Company.

AirNet Express Services Transports Kidney Coast-to-Coast Using LifePort®
March 18, 2005
AirNet Systems, Inc. announced today it completed the first unattended transcontinental delivery of a kidney using the LifePort® Kidney Transporter with expedited air delivery.

AirNet Systems, Inc. Selects Financial Advisor
January 10, 2005
AirNet Systems, Inc. today announced AirNet engaged Brown Gibbons Lang & Company ("BGL") to serve as AirNet's exclusive financial advisor and investment banker to review, develop and evaluate various strategic alternatives to enhance shareholder value.