World Airways continues partnership with Emery

World Airways

continues partnership with Emery

World Airways, Inc.

announced the continuation of a long-standing business relationship with

Emery Forwarding, formerly Emery Air Freight Corporation. World Airways

executed an agreement to extend its current aircraft service agreement

covering one MD-11F and one DC-10-30F, all cargo aircraft, for an additional

15 months, beginning October 1, 2002, and ending December 29, 2003. The

original agreement for World Airways to provide full-time cargo aircraft

to Emery started in October 1998 and has been in continuous service ever

since. The total value of this contract is approximately $36

million.

The company

also announced that it has signed contract extensions with two tour operators

to fly during the 2003 season. Under the first, World Airways will provide

service using a DC-10-30 aircraft between JFK Airport and Port of Spain,

Trinidad, with one to two flights per week from January through June 2003.

The company expects this contract to generate revenues in 2003 of $2.9

million.

For the second

tour operator, World Airways will provide service using an MD-11 aircraft

to various locations, with an expected contract value of $2.0 million

for 2003.

Hollis Harris,

World Airways chairman and CEO, said, "With our new agreement, we

will have been partnered with Emery for five years, another example of

the long-term relationships we are building with our customer base. The

Emery-World team is strong, and it's a relationship I hope will remain

in place for some time to come."

He added, "Our

existing cargo and passenger customers continue to renew their agreements

with World Airways, and we're pleased that our focus on safety and service

is generating a growing list of repeat business. In addition, the Emery

contract is likely to provide us additional flying revenues, and the two

tour contracts have strong potential to be extended in 2003."

Utilizing a

well-maintained fleet of international range, wide-body aircraft, World

Airways has an enviable track 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 in-ternational 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.

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