Gulfstream International Group, Inc. Announces Exercise of Over-Allotment Option and Redemption of Debentures

FORT LAUDERDALE, Fla., Jan. 7  /PRNewswire-FirstCall/ -- Gulfstream International Group, Inc. (AMEX:GIA) announced today that the underwriters of Gulfstream's recent initial public offering of its common stock have exercised in full their over-allotment option to purchase an additional 120,000 shares of Gulfstream's common stock at $8.00 per share, less underwriting discounts and commissions.  The option was granted in connection with Gulfstream's initial public offering of 800,000 shares.

The Company also announced today that it has redeemed all $3,320,000 principal amount of its 12% subordinated debentures due March 14, 2009 (the "Debentures"), as well as paid accrued and unpaid interest through the redemption date.

About Gulfstream International Group, Inc.

Gulfstream International Group, Inc. is a holding company that operates two independent subsidiaries:  Gulfstream International Airlines, Inc. ("Gulfstream") and Gulfstream Training Academy, Inc. (the "Academy"). Gulfstream is a Fort Lauderdale, Florida-based commercial airline currently operating more than 200 scheduled flights per day, serving eleven destinations in Florida and ten destinations in the Bahamas.  The Academy provides flight training services to licensed commercial pilots.  For more information on the company, visit the company's website at http://www.gulfstreamair.com/. 

DATASOURCE: Gulfstream International Group, Inc.



CONTACT:  Robert M. Brown, Chief Financial Officer of Gulfstream

International Group, Inc., [phone], x236



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

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