AirNet Systems Awarded Federal Reserve Contracts
08 Enero 2008 - 7:00AM
PR Newswire (US)
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., +1-614-409-4900, or
Bob Lentz of InvestQuest, Inc., +1-614-876-1900, for AirNet Web
site: http://www.airnet.com/
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