ATA Parent Acquires Airline Holding Company

Press Release

INDIANAPOLIS, Aug. 14 -- Global Aero Logistics Inc., the parent company of ATA Airlines, Inc., announced today the completion of its acquisition of World Air Holdings, Inc., (OTC Pink Sheets: WLDA) the parent company of World Airways, Inc. and North American Airlines, Inc. Global acquired World Air in a cash merger with a price per share of $12.50 and a total transaction value of approximately $315 million.

The combined company will provide diverse airlift services, including scheduled and charter passenger service as well as cargo charters. The new entity will have a combined workforce of more than 4,500 employees, 56 aircraft and 2006 revenues of approximately $1.6 Billion.

Global's majority owner is MatlinPatterson Global Opportunities Partners II. As a result of the merger, World Air Holdings will cease being a public SEC reporting company and its stock will cease trading. World Air Holdings' shareholders will receive instructions on submitting their shares to the exchange agent for a cash payment.

About Global Aero Logistics Inc.

Global Aero Logistics Inc. is the parent company of ATA Airlines, Inc, World Airways, Inc. and North American Airlines, Inc.

In its 34th year of operations, ATA offers affordable scheduled service travel from destinations such as Guadalajara, Cancun, Hawaii, Oakland, Chicago, New York, Dallas/Ft. Worth and Washington, DC. Through connecting Southwest Airlines codeshare flights, ATA now serves customers in more than 60 markets. ATA is also a leading passenger charter airline serving the U.S. military and many other government and commercial customers. ATA operates a fleet of 29 aircraft. For more information, visit http://www.ata.com.

World Airways, Inc. provides customized transportation services for major international passenger and cargo carriers, international freight forwarders, the U.S. military and international leisure tour operators. Founded in 1948, World operates a fleet of 17 wide-body aircraft to meet the specialized needs of its customers. For more information, visit http://www.worldairways.com.

North American Airlines, Inc. offers air transportation services throughout the world for the U.S. military and commercial customers. Founded in 1989, North American operates a fleet of 10 aircraft in charter and scheduled service. For more information, visit http://www.flynaa.com.

Source: Global Aero Logistics Inc.