FirstFlight Announces Letter of Intent to Acquire New World Jet Corporation

FirstFlight, Inc. (OTC BB: FFLT) a charter management and aviation services company, today announced that it has signed a non-binding letter of intent with Gold Jets LLC for the proposed acquisition by FirstFlight of Gold Jets subsidiary New World Jet Corporation. New World Jet has approximately 26 aircraft on their FAA-135 air carrier certificate.

The transaction contemplated by the non-binding letter of intent is subject to, among other things, the negotiation, execution and delivery of a definitive acquisition agreement, the completion of legal and financial due diligence, regulatory approvals and other customary conditions.

The parties have agreed not to disclose the financial terms of the proposed transaction until, and if, a definitive agreement is reached.

Commented John Dow, President and Chief Executive Officer of FirstFlight “We are very excited about the opportunities presented by this proposed transaction. As I have stated previously, our objective is not only a larger fleet, but one with a more substantial geographic national footprint.”

About FirstFlight, Inc.

FirstFlight is an aviation services company. FirstFlight’s operations are conducted in three core segments: aircraft charter management activities; fixed based operations; and aircraft maintenance. FirstFlight’s charter management segment provides on-call passenger air transportation. FirstFlight’s fixed base operation segment is the primary provider of services such as fueling and hangaring of private/general aviation aircraft operators. FirstFlight’s aircraft maintenance business is conducted at FirstFlight’s FAA-certificated facilities. FirstFlight maintains a website located at www.FFLT.com.

Forward-Looking Statements

This release may include projections of future results and other “forward-looking statements”, as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “expect”, “intend”, “believe”, “plan”, “anticipate” and similar words and phrases. All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although the management of FirstFlight believes that the expectations reflected in these forward-looking statements are reasonable, there are no assurances that such expectations will prove to have been correct. FirstFlight disclaims any obligation to update any of its forward-looking statements, except as required by law.

Contacts

FirstFlight, Inc.
Ron Ricciardi, 570-457-3400
or
Investor Relations:
Porter, LeVay & Rose, Inc.
Linda Decker, VP – Investor Relations
Jeffrey Myhre, VP – Editorial
212-564-4700