World Airways Announces New Cargo Contract

World Airways, Inc. today announced a new one-year agreement with EVA
Airways that begins on March 6, 2004. Under the contract, World Airways
will operate an MD-11 freighter aircraft over selected routes from EVA
Airways’ established and extensive worldwide route network. The contract
value is approximately $19 million for the initial term of the agreement.
With this contract, World Airways becomes the first non-Asian operator to
provide wet lease aircraft of any kind to EVA Airways.

Hollis Harris, chairman and chief executive officer, stated, “EVA Airways
is one of the pre-eminent carriers in Asia, and it’s an honor to become
their first non-Asian wet lease carrier. We have been cultivating EVA
Airways as a potential customer for many years, and we’re quite pleased
that the company has confidence in us and launched this new arrangement.”

He added, “This is also an excellent start to the year, as we seek to
achieve our goal of adding several new, large customers and an expanded
cargo operation.”

Utilizing a well-maintained fleet of international range, wide-body
aircraft, World Airways has an enviable record of safety, reliability and
customer service spanning more than 55 years. The Company is a U.S.
certificated air carrier providing customized transportation services for
major international passenger and cargo carriers, the United States
military and international leisure tour operators. Recognized for its
modern aircraft, flexibility and ability to provide superior service,
World Airways meets the needs of businesses and governments around the
globe. For more information, visit the Company’s website at