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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