World Airways is sold

Mon, 07/23/2007 - 8:48am
By: The Citizen

Peachtree City’s World Air Holdings, Inc. announced the results of its special meeting of stockholders held Wednesday to vote on the amended merger agreement with Global Aero Logistics, Inc.

Stockholders of World Air Holdings overwhelmingly indicated their support for the merger transaction contemplated by the amended merger agreement. Of the shares voted at the meeting, stockholders approved adoption of the amended merger agreement by more than 98 percent

"We are gratified by the positive support for the merger transaction," said Randy Martinez, World Air Holdings CEO. "We anticipate the merger becoming effective in the third quarter, as previously announced."

The company has received all required regulatory approvals except notification from the Department of Transportation, which is reviewing the merger agreement. After the company's 2007 first quarter 10-Q is filed, the next step will be for Global Aero Logistics to secure financing in accord with the amended merger agreement. Officials could not comment on how the merger would affect the company’s future in Peachtree City.

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