World Airways Resumes Commercial Operations Following Tentative Contract Agreement With Pilots
February 06 2006 - 8:41AM
PR Newswire (US)
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/
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