Wednesday, September 11, 2002

PTC's World Airways gets NASDAQ listing

Peachtree City's World Airways, Inc. announced that its common stock will continue to be traded on The NASDAQ SmallCap Market and will trade under the symbol WLDAC.

World Airways was notified by NASDAQ that it has received an exception from the net tangible assets/stockholders' equity/ market capitalization/net income and the minimum bid price requirements.

World Airways presented its plan to achieve profitability for fiscal 2002, as well as the steps that have been taken this year to achieve the minimum listing requirement, at a hearing before The NASDAQ Listing Qualifications Panel on July 18, 2002.

In the presentation to the panel, the company articulated the steps that have been taken to achieve fiscal 2002 net earnings that would exceed the minimum listing requirement. Although the company did not meet the net tangible assets/stockholders' equity/market capitalization/net income requirement as of April 5, 2002, and the minimum bid price requirement as of August 15, 2002, World Airways was granted a temporary exception from the NASDAQ standards contingent upon certain conditions.

In order to meet the requirements of the exception, the company must provide information to NASDAQ on its financial results for the nine months ended September 30, 2002 by November 15, 2002.

By February 17, 2003, the Company must submit to NASDAQ draft financial statements for the fiscal year ending December 31, 2002 evidencing net income from continuing operations of at least $500,000.

The company must also provide NASDAQ with its Form 10-K for the fiscal year ending December 31, 2002 by March 31, 2003. In addition, the Company has been given until February 17, 2003, to comply with NASDAQ's minimum bid price requirements.

In the event the company is deemed to have met the terms of the exceptions, it shall continue to be listed on The NASDAQ SmallCap Market.

At that time, its stock will return to its original symbol, WLDA.

Hollis Harris, World Airways Chairman and CEO, said, "We appreciate NASDAQ's willingness to allow us additional time to demonstrate compliance with its listing requirements and execute our plans to achieve a profitable year. I believe we made a compelling case that our strategy is sound, our business opportunities are growing, and our financial performance is improving."

He added, "We will continue to be creative in seeking new revenue opportunities, conservative in our approach to accounting, and cautious about spending. I believe that we will be able to meet NASDAQ's conditions, and I am excited about the future."

The company believes that it can meet these conditions, but there can be no assurance that it will do so. If at some future date the company's securities should cease to be listed on the NASDAQ SmallCap Market, they may continue to be listed in the OTC Bulletin Board.

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. Recognized for its modern aircraft, flexibility and ability to provide superior service, World Airways meets the needs of businesses and governments around the globe.

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