AirNet Systems, Inc. Supports Passage of
Check Truncation Legislation

A key provision of the legislation was recently approved in conference committee. It brings more transparency and disclosure regarding issues of costs and revenue attributable to commercial check transportation. The agreement was reached between AirNet and the Federal Reserve following several months of discussions. Based on this amendment, the Federal Reserve will be required to disclose transportation costs and revenue in its annual report annually for the next 10 years. The effective date of this legislation is twelve months following its enactment into law.

Joe Biggerstaff, Chairman and Chief Executive Officer, of AirNet Systems, Inc. stated, "This legislation moves the industry closer to a level playing field for all providers of check transportation. It will treat transportation the same as check collection, which makes the entire payments system more efficient and accountable. We applaud the efforts of those in Congress who insisted on full and fair disclosure of these matters. Additionally, we appreciate the cooperation extended by the Federal Reserve to help resolve important issues in this legislation."

Mr. Biggerstaff added, "The language of this legislation will bring forth new and exciting opportunities for all participants in the nation's payment system. We are aggressively proceeding with implementation of our business strategy and look forward to the enactment of this legislation."

About AirNet Systems, Inc.

AirNet Systems, Inc. is a premier provider of aviation services including time-critical delivery and private passenger charter. 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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Except for the historical information contained herein, the matters discussed in this press release include forward-looking statements regarding future events and the future financial performance of the Company. These forward-looking statements include comments on the Company's future growth and operational strategies. These statements involve certain risks and uncertainties that may cause the actual events or results to differ materially from those indicated by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, potential regulatory changes by the Federal Aviation Administration or the Federal Reserve; enactment of the Check Clearing Act of the 21st Century, or similar legislation, which could have an effect on AirNet's cancelled check volumes; potential changes in locally or federally mandated security requirements; acts of war and terrorist activities; adverse weather conditions; the impact of prolonged weakness in the U.S. economy on time-critical shipment volumes; changes in check processing and shipment patterns of bank customers; acceptance of the Company's time-critical service offerings within targeted Express markets and other risks and uncertainties detailed from time to time in the Company's periodic reports to the Securities and Exchange Commission. Please refer to Item 7 of the Annual Report on Form 10-K for the fiscal year ended December 31, 2002 for additional details relating to risk factors that could affect AirNet's results and cause those results to differ materially from those expressed in forward-looking statements.

###