PEACHTREE CITY, Ga., April 3 /PRNewswire-FirstCall/ -- The Board of Directors of World Air Holdings, Inc. , parent company of World Airways and North American Airlines, has authorized the repurchase of up to 2 million shares of the company's common stock. Such repurchases will not commence, however, until the company is current in its required reporting obligations to the Securities and Exchange Commission. On March 15, 2006, the company announced that it would be delayed in filing its annual report on Form 10-K for the year ended Dec. 31, 2005.
When commenced, repurchases under the stock buyback program will be made at such times and in such amounts as the company deems appropriate, based on a variety of factors including price, corporate and regulatory requirements and overall market conditions.
World Air Holdings has three wholly owned subsidiaries, World Airways, Inc., North American Airlines, Inc., and World Risk Solutions, Ltd. World Airways is a charter passenger and cargo airline founded in 1948, North American is a charter passenger airline founded in 1989, and World Risk Solutions is an insurance subsidiary established in 2004. For additional information, visit http://www.worldairholdings.com/
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties including, but not limited to, the impact of competition in the market for air transportation services, the cyclical nature of the air carrier business, reliance on key marketing relationships, fluctuations in operating results and other risks detailed from time to time in the company's periodic reports filed with the SEC (reports are available from the company upon request). These various risks and uncertainties may cause the company's actual results to differ materially from those expressed in any of the forward looking statements made by, or on behalf of the company in this release.
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Steve Forsyth Janice Kuntz
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