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.

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.

Back

to Business Home Page