South Ozone Park, New York, December 9, 2009 — SmartPark JFK continues to offer their $12 daily airport parking reservations rate for the Christmas Holiday season of 2009.

In a time when airport parking rates are increased that is not the case with SmartPark JFK. We were already below the competition’s prices at $14 daily. Then we decided to lower the rate even more to $12 daily plus nyc tax. Our gift to you for the upcoming holiday season. The special rate will be extended through Christmas and the New Years holiday.

Check our competitors rates and see for yourself. At SmartPark JFK there are no service charges or fuel surcharges. Ever! Our final price is lower than the competition. Be sure to compare before you reserve elsewhere. Our pricing structure is simple. See the price – pay that price(plus tax). That’s it!

Our off site parking facility is a great option to onsite parking at the airport and its cost is a fraction of the on site parking price. SmartPark JFK, book a reservation with confidence knowing that our rate is at the very least competitive across the internet. Our philosophy is, it’s all about the customer. That’s a smart move on our part.

See you at the parking lot!

The Team at SmartPark JFK

Contact Information
Adam Smith
Title: Director of Operations
SmartPark JFK
123-10 South Conduit Ave
South Ozone Park, NY 11420
Phone: 877 535-7275
SmartPark JFK Website

CLEARWATER, Fla., Nov. 16, 2009 (GLOBE NEWSWIRE) — Avantair, Inc. (OTCBB:AAIR), the sole North American provider of flight hour time cards and fractional shares in the Piaggio Avanti aircraft, today announced financial results for its fiscal first quarter ended September 30, 2009.

First Quarter Fiscal 2010 Highlights:

* Total revenues of $35.2 million, an increase of 7.7%,
as compared to $32.7 million for the three months ended
September 30, 2008.
* Flight time cards sold for the three months ended
September 30, 2009 increased 69% to 86 compared to 51
flight time cards sold during the fiscal fourth quarter
ended June 30, 2009, and 219% from 27 for the fiscal first
quarter ended September 30, 2008.
* Revenue-generating flight hours flown reached a new quarterly
record, increasing 13% quarter-over-quarter to 9,356 hours
compared to 8,277 hours for the fiscal fourth quarter ended
June 30, 2009, and increasing 11% year-over-year compared to
8,393 for the fiscal first quarter ended September 30, 2008.
* Operating income of $249,000, compared with an operating loss
of $1.9 million in the first fiscal quarter of 2009.
* EBITDA profit (profitable results from operations before
depreciation and amortization) of $1.7 million, compared with
an EBITDA loss of $820,000 in the first fiscal quarter of 2009.
* Net loss attributable to common stockholders of $1.8 million,
or $0.11 per basic and diluted common share, compared with a net
loss attributable to common stockholders of $3.7 million, or
$0.24 per basic and diluted common share, for the fiscal first
quarter of 2009.
* Closed tranche of a PIPE (Private Investment in a Public
Entity) financing on September 25th for $0.6 million, and through
October 16th, the Company sold an additional 8.8 million shares
of common stock generating net proceeds of approximately $8.0
million (subsequent event).
* Fleet size increased to 55 aircraft, with three new Piaggio
Avanti II aircraft in October (subsequent event).

Steven Santo, Chief Executive Officer of Avantair, stated, “We delivered impressive record gains in flight time card sales and revenue-generating flight hours flown during the first quarter, both of which support our recent fleet expansion of an additional four aircraft, three of which have already been received and one of which is expected to be added during the current quarter. Our program success is especially outstanding considering industry reports that indicate a downturn in private jet travel. Satisfied Avantair customers keep referring new customers, which is building our brand equity and driving the expansion of our market presence.

“In entering fiscal 2010, we’ve reached an important inflection point in our business where we believe we are getting close to our goal of sustainable profitability. We believe there are significant barriers to successful entry into our light-jet private transportation category, where we have already established critical mass, scale economies, and low-cost luxury transport leadership. While competitors are downsizing operations in the current environment, we are adding pilots, flight hours, aircraft, and adding to our sales force to meet escalating demand,” Mr. Santo continued.

“Environmental concern is yet another factor working in our favor. With travelers seeking responsible private transportation and alternatives to high cost, high emission air travel, customers are placing increasing value on our Piaggio aircraft fleet which offers the lowest fuel burn and carbon emissions in the industry.

“Our excellence in each of these areas reinforces Avantair’s highly competitive market position and supports our growth profile over the long term. With exciting sales and marketing initiatives planned over the next several quarters, we look forward to achieving even more milestones and building greater value for our shareholders during fiscal year 2010.”

Use of Non-GAAP Measures of Performance

The Company believes that EBITDA (results from operations before depreciation and amortization) is useful to investors as it excludes certain non-cash expenses that do not directly relate to the operation of aircraft. This measure is a supplement to generally accepted accounting principles (GAAP) used to prepare the Company’s financial statements and should not be viewed as a substitute for GAAP measures. In addition, the Company’s non-GAAP measure may not be comparable to non-GAAP measures of other companies. Income from operations, which the Company believes to be the most directly comparable GAAP financial measure, would include depreciation and amortization expense. Depreciation and amortization expense was approximately $1.5 million and $1.1 million for the three months ended September 30, 2009 and 2008, respectively, resulting in income from operations of approximately $249,000 for the three months ended September 30, 2009 and loss from operations of approximately $1.9 million for the three months ended September 30, 2008.

Conference Call

Chief Executive Officer Steven Santo, Chief Financial Officer Richard Pytak and Chief Operating Officer Kevin Beitzel will hold a conference call with the financial community today at 5:00 p.m. Eastern time to review the Company’s financial results and provide an update on business developments.

Interested parties may participate in the conference call by dialing 1-877-941-4776 (480-629-9762 for international callers). When prompted, ask for the “Avantair, Inc. Fiscal First Quarter 2010 Earnings Conference Call.” A telephonic replay of the conference call may be accessed approximately two hours after the call through November 30, 2009 by dialing 800-406-7325 (303-590-3030 for international callers). The replay access code is 4182037#. The conference call will be webcast simultaneously on the Avantair, Inc. website at www.avantair.com under Investors: Event Calendar. The webcast replay will be archived for 12 months.

About Avantair

Avantair, the only publicly traded stand-alone private aircraft operator and the sole North American provider of fractional shares and flight hour time cards in the Piaggio Avanti aircraft, is headquartered in Clearwater, FL, with over 400 employees. The Company offers private travel solutions for individuals and businesses traveling within its service area, which includes the continental United States, Canada, the Caribbean and Mexico, at a fraction of the cost of whole aircraft ownership. The Company currently manages a fleet of 55 aircraft, with another 53 Piaggio Avanti aircraft on order through 2013. For more information about Avantair, please visit: http://www.avantair.com .

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Avantair’s future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions. Avantair cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and Avantair assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in Avantair’s filings with the Securities and Exchange Commission (SEC) and those as may be identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: general economic and business conditions in the U.S. and abroad, changing interpretations of generally accepted accounting principles, changes in market acceptance of the company’s products, inquiries and investigations and related litigation, fluctuations in customer demand, management of rapid growth, intensity of competition. The information set forth herein should be read in light of such risks. Avantair does not assume any obligation to update the information contained in this press release.

Avantair’s filings with the SEC, accessible on the SEC’s website at http://www.sec.gov , discuss these factors in more detail and identify additional factors that can affect forward-looking statements.

AVANTAIR, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
September 30, June 30,
2009 2009
———— ————
(Unaudited) (Note 2)
ASSETS
——
CURRENT ASSETS
Cash and cash equivalents $ 5,055,746 $ 3,773,789
Accounts receivable, net of allowance for
doubtful accounts of $231,559 at
September 30, 2009 and $187,842 at June
30, 2009 6,235,907 5,711,055
Inventory 119,875 140,997
Current portion of aircraft costs related
to fractional share sales 34,829,890 36,910,206
Notes receivable 158,133 272,731
Prepaid expenses and other current assets 1,228,475 1,278,506
———— ————
Total current assets 47,628,026 48,087,284
———— ————
Aircraft costs related to fractional share
sales, net of current portion 62,166,794 70,199,786
———— ————
Property and equipment, at cost, net of
accumulated depreciation and amortization
of $13,938,803 at September 30, 2009 and
$11,695,228 at June 30, 2009 28,617,517 29,842,365
———— ————
OTHER ASSETS
Cash – restricted 2,354,665 2,352,337
Deposits on aircraft 10,468,616 9,264,890
Deferred maintenance on aircraft engines 1,039,685 1,538,175
Goodwill 1,141,159 1,141,159
Other assets 1,781,350 1,639,407
Total other assets 16,785,475 15,935,968
———— ————
Total assets $155,197,812 $164,065,403
============ ============
AVANTAIR, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
September 30, June 30,
2009 2009
———— ————
(Unaudited) (Note 2)
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable $ 5,640,012 $ 7,307,320
Accrued liabilities 5,671,418 5,010,745
Customer deposits 1,824,978 1,282,936
Short-term debt 11,500,000 11,500,000
Current portion of long-term debt 10,266,419 11,020,590
Current portion of deferred revenue
related to fractional aircraft share
sales 40,606,022 43,385,779
Unearned management fees and flight hour
card revenues 24,035,399 17,807,796
———— ————
Total current liabilities 99,544,248 97,315,166,
———— ————
Long-term debt, net of current portion 18,400,719 20,111,011
Deferred revenue related to fractional
aircraft share sales, net of current
portion 56,702,118 65,071,197
Other liabilities 3,198,883 3,047,329
———— ————
Total long-term liabilities 78,301,720 88,229,537
———— ————
Total liabilities 177,845,968 185,544,703
———— ————
COMMITMENTS AND CONTINGENCIES
Series A convertible preferred stock
$.0001 par value, authorized 300,000
shares; 152,000 shares issued and
outstanding 14,550,907 14,528,383
———— ————
STOCKHOLDERS’ DEFICIT
Preferred stock, $.0001 par value,
authorized 700,000 shares; none issued — –
Common stock, Class A, $.0001 par value,
75,000,000 shares authorized, 16,977,642
shares issued and outstanding at
September 30, 2009 and 16,463,615
shares issued and outstanding at June
30, 2009 1,697 1,646
———— ————
Additional paid-in capital 48,222,616 47,667,493
Accumulated deficit (85,423,376) (83,676,822)
———— ————
Total stockholders’ deficit (37,199,063) (36,007,683)
———— ————
Total liabilities and stockholders’
deficit $155,197,812 $164,065,403
============ ============
AVANTAIR, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
Three Months Ended September 30, 2009 and 2008
(Unaudited)

2009 2008
———– ———–
Revenue
Fractional aircraft sold $11,978,836 $12,493,716
Maintenance and management fees 17,974,569 17,077,139
Flight hour card and Axis Club Membership
revenue 3,858,470 1,844,126
Other revenue 1,393,009 1,261,480
———– ———–
Total revenue 35,204,884 32,676,461
———– ———–
Operating expenses
Cost of fractional aircraft shares sold 10,200,603 10,605,023
Cost of flight operations 12,420,238 11,810,384
Cost of fuel 3,638,902 4,512,406
General and administrative expenses 6,252,381 5,660,787
Selling expenses 985,765 907,751
Depreciation and amortization 1,457,917 1,082,265
———– ———–
Total operating expenses 34,955,806 34,578,616
———– ———–
Income (loss) from operations 249,078 (1,902,155)
———– ———–
Other income (expenses)
Other income 2,250 1,200
Interest income 5,163 24,703
Interest expense (1,623,454) (1,459,481)
———– ———–
Total other expenses (1,616,041) (1,433,578)
———– ———–
Net loss (1,366,963) (3,335,733)
Preferred stock dividend and accretion of
expenses (402,115) (391,513)
———– ———–
Net loss attributable to common stockholders $(1,769,078) $(3,727,246)
=========== ===========
Loss per common share:
Basic and diluted $ (0.11) $ (0.24)
=========== ===========
Weighted- average common shares outstanding:
Basic and diluted 16,468,122 15,287,694
=========== ===========

CONTACT: Avantair, Inc.
Richard Pytak, Chief Financial Officer
727-538-7910 x.105
rpytak@avantair.com
The Piacente Group, Inc.
Investor Relations
Kristen McNally
212-481-2050
avantair@tpg-ir.com