World Air Holdings Requests Nasdaq Listing Extension Until February 14, 2006
January 17 2006 - 7:30AM
PR Newswire (US)
PEACHTREE CITY, Ga., Jan. 17 /PRNewswire-FirstCall/ -- World Air
Holdings, Inc. (NASDAQ:WLDAE), parent company of World Airways and
North American Airlines, has requested an extension from the Nasdaq
Listing Qualifications Panel for continued listing on the Nasdaq
National Market until Feb. 14, 2006, pending filing of an amended
Form 10-Q/A for the period ended June 30, 2005 and a Form 10-Q for
the period ended Sept. 30, 2005. The company reported that it
continues to make progress to conclude its work on the periodic
reports necessary to fully comply with Nasdaq requirements and the
terms of the panel's decision on Nov. 22, 2005, which previously
granted an extension to Dec. 15, 2005, and a subsequent request
until January 15, 2006. The company continues to keep the panel
apprised of its progress. With the exception of pending filings,
the company continues to satisfy all quantitative requirements for
continued listing on The Nasdaq National Market by a substantial
margin. Management of World Air Holdings appreciates the continued
interest by all its stakeholders and also recognizes their concern
as it works to finalize the statements for the above-referenced
financial reporting periods. Until the company is current with its
reporting requirements, however, management has elected to limit
its communications to ensure that it treats everyone equally with
respect to the flow of information. "We are looking forward to
completing this process that will then allow us to convey an update
on the company's achievements, our objectives and reassurance of
our prospects for the future," said Randy Martinez, chief executive
officer. "Furthermore, once we have filed the pending documents it
is our intention to provide much more insight regarding the amount
of time it has taken to complete the process." While the company
believes that it will be able to satisfy the filing requirements,
there can be no assurances that it will be able to do so. The fifth
character "E" indicating that the company is not current in filing
will remain appended to its symbol until the company becomes
compliant with all requirements for continued listing on the Nasdaq
National Market. 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. ["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/
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