AirNet Systems Awarded Federal Reserve Contracts

COLUMBUS, Ohio, Jan. 8  /PRNewswire-FirstCall/ -- AirNet Systems, Inc. (AMEX:ANS) today announced it has been awarded two contracts by the Federal Reserve System's transportation group and has commenced service operations. The term for each contract is January 1, 2008 through December 31, 2009. Based on present volumes and anticipated trends, revenue from these contracts is expected to be approximately $3 million over the two-year period.

The primary contract calls for AirNet to provide weekend transportation solutions for shipments moving between Federal Reserve check processing sites. AirNet will be able to leverage its existing air and surface networks to provide cost-effective and time-definite services in support of the Federal Reserve System's Check Relay Network (CRN).

Under the terms of the second agreement, AirNet has also been selected to provide scheduled and expedited weekday service between Federal Reserve locations that continue to process a large volume of checks.  While commercial airlines will be mainly used for transport services provided under this agreement, AirNet will be able to improve utilization of its daytime transportation network by consolidating Federal Reserve shipments with those AirNet manages on behalf of other financial institution customers.

Jeff Harris, AirNet's Chief Operating Officer, stated, "We are excited about being awarded both the weekend and weekday contracts and look forward to working with the Federal Reserve System's CRN team as they continue to reshape their transportation network.  We believe that AirNet was selected based on its commitment to excellence, extensive transportation network, and demonstrated history of on-time performance. This expanded relationship will improve our shipment density and utilization of AirNet's weekend and weekday/daytime systems."

AirNet Systems, Inc.

AirNet Systems, Inc. focuses its resources on providing value-added, time- critical aviation services to a diverse set of customers in the most service- intensive, cost-effective manner possible.  AirNet operates an integrated national transportation network and also provides tailored and dedicated solutions to banks and other time-critical shippers. AirNet's aircraft are located strategically throughout the United States.

  To find out more, visit AirNet's website at http://www.airnet.com/.

  Safe Harbor Statement


Except for the historical information contained in this news release, the matters discussed, including, but not limited to, information regarding future economic performance and plans and objectives of AirNet's management, are forward-looking statements that involve risks and uncertainties. When used in this document, the words "believe", "will", "anticipate", "estimate", "expect", "intend", "may", "plan(s)", "project" and similar expressions are intended to be among statements that identify forward-looking statements. Such statements involve risks and uncertainties, which could cause actual results to differ materially from any forward-looking statement.  The following factors, in addition to those included in the disclosures under the heading "ITEM 1A - RISK FACTORS" of Part I of AirNet's Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and "ITEM 1A - RISK FACTORS" of Part II of AirNet's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007, could cause actual results to differ materially from those expressed in our forward-looking statements: potential regulatory changes by the Federal Aviation Administration ("FAA"), Department of Transportation ("DOT") and Transportation Security Administration ("TSA"), which could increase the regulation of AirNet's business, or the Federal Reserve, which could change the competitive environment of transporting cancelled checks; changes in the way the FAA is funded which could increase AirNet's operating costs; changes in check processing and shipment patterns of bank customers; changes in check processing and shipment patterns of the Federal Reserve System's Check Relay Network; the continued acceleration of migration of AirNet's Bank Services customers to electronic alternatives to the physical movement of cancelled checks; disruptions to the Internet or AirNet's technology infrastructure, including those impacting AirNet's computer systems and corporate website; the impact of prolonged weakness in the United States economy on time-critical shipment volumes; significant changes in the volume of shipments transported on AirNet's air transportation network, customer demand for AirNet's various services or the prices it obtains for its services; the acceptance by AirNet's weekday Bank Services customers of AirNet's pricing structure; pilot shortages which could result in a reduction in AirNet's flight schedule or require subcontracting of certain routes; disruptions to operations due to adverse weather conditions, air traffic control-related constraints or aircraft accidents; potential changes in locally and federally mandated security requirements; increases in aviation fuel costs not fully offset by AirNet's fuel surcharge program; acts of war and terrorist activities; technological advances and increases in the use of electronic funds transfers; the availability and cost of financing required for operations; other economic, competitive and domestic and foreign governmental factors affecting AirNet's markets, prices and other facets of its operations; as well as other risks described from time to time in AirNet's filings with the United States Securities and Exchange Commission.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.  Please refer to the disclosures included in "ITEM 1A - RISK FACTORS" of Part I and in the section captioned "Forward-looking statements" in "ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" of Part II of the Annual Report on Form 10-K for the fiscal year ended December 31, 2006 of AirNet Systems, Inc. (File No. 1-13025) and the disclosure included in "ITEM 1A - RISK FACTORS" of Part II of AirNet's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007 for additional details relating to risk factors that could affect AirNet's results and cause those results to differ materially from those expressed in the forward-looking statements. 

DATASOURCE: AirNet Systems, Inc.



CONTACT:  Jeff Harris of AirNet Systems, Inc., [phone], or Bob

Lentz of InvestQuest, Inc., [phone], for AirNet



Web site:  http://www.airnet.com/ 

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