Wednesday, August 7, 2002

World Airways gets major $9m cargo contract

Peachtree City's World Airways, Inc., announced a new contract with Pacific Air Services Company Limited, a newly established Hong Kong based company headed by David Sung and Ned Wallace, both long-standing veterans in the air cargo industry with in-depth knowledge of the Hong Kong market.

The agreement calls for two MD-11F all-cargo flights per week, with both departing from Hong Kong and flying to Chicago and New York.

A third weekly flight from Hong Kong to Los Angeles may be added, if needed. The initial schedule calls for the aircraft to depart Hong Kong each Sunday and Thurs-day.

The initial term of the program will commence in early August and will continue through November 2002.

Depending on the actual number of flights operating per week, the revenue for this initial contract term would range between $9-$13 million.

World Airways and Pacific Air Services Company are currently discussing and considering ways to ex-tend and expand their relationship to allow for a year-round, multi-aircraft program.

According to Hollis Harris, chairman and CEO of World Airways, "We remain focused on capitalizing on the growth opportunities emerging in the cargo business. One of our convertible freighters was converted to a permanent freighter in June and the other will be converted this fall."

"We'll be working actively to continue to build upon this new relationship with Pacific Air Services," he added.

World Airways also announced today that Bob Perry would be rejoining the Company as vice president of business development on August 19, 2002.

Perry served as World Airways' director of system planning and later as vice president of sales from 1987 through 1994.

Prior to rejoining World Airways, Perry was vice president of charter sales with American Trans Air, where he was responsible for full charter and bulk seat agreements with tour operators.

He has over 25 years of experience in a range of management positions in the airline industry.

According to Harris, "Bob will focus on developing new sales programs for World Airways that further broaden and diversify our revenue base. We believe that Bob's years of sales experience will greatly strengthen our current passenger and cargo sales efforts."

Utilizing a well-maintained fleet of international range, wide-body aircraft, World Airways has an enviable record of safety, reliability and customer service spanning 54 years.

The company is a U.S. certificated air carrier providing customized transportation services for major international passenger and cargo carriers, the United States military and international leisure tour operators.

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