WLDAE World Air Holdings (MM)

PEACHTREE CITY, Ga., Feb. 6 /PRNewswire-FirstCall/ -- World Airways, a wholly owned subsidiary of World Air Holdings, Inc. (NASDAQ:WLDAE), is resuming commercial cargo and passenger operations after reaching a tentative agreement Sunday with the International Brotherhood of Teamsters (IBT) for a three-year extension of a contract with World's 430 pilots. The agreement, which ended a week-long strike by World Airways pilots, provides for annual wage increases, continued profit sharing, a signing bonus, improved benefits, improved work rules and job security. The pilots are returning to work immediately while they conduct the contract ratification process, which is expected to take up to 30 days. World's military business was not interrupted by the strike. "We were able to reach a fair and equitable agreement that met the needs of our pilots and supported the financial goals for our company," said Charlie McDonald, World Airways chief operating officer. "We look forward to obtaining ratification of the agreement and working with the entire World Airways team to continue the growth and success of the airline." "With this agreement, we believe we are poised to continue to provide growth for the airline and long-term job security with good quality of life for the entire World Airways workforce," said Randy Martinez, World Air Holdings chief executive officer. World Airways, a wholly owned subsidiary of World Air Holdings, Inc., is a U.S.-certificated air carrier providing customized transportation services for major international passenger and cargo carriers, the United States military, major freight forwarders 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 information, visit http://www.worldairways.com/. 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.] First Call Analyst: FCMN Contact: DATASOURCE: World Air Holdings, Inc. CONTACT: Media, Steve Forsyth, +1-770-632-8322, or Investors, Janice Kuntz, +1-404-352-2841, both of World Air Holdings, Inc. Web site: http://www.worldairways.com/ http://www.worldairholdings.com/

Copyright