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PEACHTREE CITY , Ga. ( July 18, 2007 ) – World Air Holdings, Inc. (OTC:WLDA.PK) announced the results of its special meeting of stockholders held today to vote on the amended merger agreement with Global Aero Logistics, Inc.
Stockholders of World Air Holdings overwhelmingly indicated their support for the merger transaction contemplated by the amended merger agreement. Of the shares voted at the meeting, stockholders approved adoption of the amended merger agreement by more than 98 percent.
“We are gratified by the positive support for the merger transaction,” said Randy Martinez, World Air Holdings CEO. “We anticipate the merger becoming effective in the third quarter, as previously announced.”
The company has received all required regulatory approvals except notification from the Department of Transportation, which is reviewing the merger agreement. After the company's 2007 first quarter 10-Q is filed, the next step will be for Global Aero Logistics to secure financing in accord with the amended merger agreement.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the inability to complete the merger due to the failure to obtain stockholder approval or the failure to satisfy other conditions to the completion of the merger, the impact of competition in the market for air transportation services, the cyclical nature of the air carrier business, reliance on key customer relationships, fluctuations in operating results, the impact of litigation and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission. (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 the release. |
