Global Aero Logistics Completes Acquisition of World Air Holdings

INDIANAPOLIS, Aug. 14 /PRNewswire/ -- Global Aero Logistics Inc., the parent company of ATA Airlines, Inc., announced today the completion of its acquisition of World Air Holdings, Inc., (OTC Pink Sheets: WLDA) the parent company of World Airways, Inc. and North American Airlines, Inc. Global acquired World Air in a cash merger with a price per share of $12.50 and a total transaction value of approximately $315 million.

The combined company will provide diverse airlift services, including scheduled and charter passenger service as well as cargo charters. The new entity will have a combined workforce of more than 4,500 employees, 56 aircraft and 2006 revenues of approximately $1.6 Billion.

Global's majority owner is MatlinPatterson Global Opportunities Partners II. As a result of the merger, World Air Holdings will cease being a public SEC reporting company and its stock will cease trading. World Air Holdings' shareholders will receive instructions on submitting their shares to the exchange agent for a cash payment.

About Global Aero Logistics Inc.

Global Aero Logistics Inc. is the parent company of ATA Airlines, Inc, World Airways, Inc. and North American Airlines, Inc.

In its 34th year of operations, ATA offers affordable scheduled service travel from destinations such as Guadalajara, Cancun, Hawaii, Oakland, Chicago, New York, Dallas/Ft. Worth and Washington, DC. Through connecting Southwest Airlines codeshare flights, ATA now serves customers in more than 60 markets. ATA is also a leading passenger charter airline serving the U.S. military and many other government and commercial customers. ATA operates a fleet of 29 aircraft. For more information, visit www.ata.com.

World Airways, Inc. provides customized transportation services for major international passenger and cargo carriers, international freight forwarders, the U.S. military and international leisure tour operators. Founded in 1948, World operates a fleet of 17 wide-body aircraft to meet the specialized needs of its customers. For more information, visit www.worldairways.com.

North American Airlines, Inc. offers air transportation services throughout the world for the U.S. military and commercial customers. Founded in 1989, North American operates a fleet of 10 aircraft in charter and scheduled service. For more information, visit www.flynaa.com.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition agreement; the inability to complete the acquisition due to the failure to obtain shareholder approval or the failure to satisfy other conditions to the completion of the acquisition, including the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and the receipt of other required regulatory approvals; risks that the proposed transaction disrupts current plans and operations; the ability to recognize the benefits of the acquisition; the amount of the costs, fees and charges related to the acquisition and the actual terms of certain financings that will be obtained for the acquisition; the impact of the substantial indebtedness incurred to finance the consummation of the acquisition; the impact of competition in the market for air transportation services; the cyclical nature of the air carrier business; reliance on key customer relationships; and fluctuations in operating results. 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 the release.