World Airways Pilots Turn Down Agreement

World Airways, Inc. today announced that its cockpit crewmembers,
represented by the International Brotherhood of Teamsters (IBT), have
turned down a tentative agreement for a contract extension.
The tentative agreement, which was announced January 16, 2004, following
three days of negotiations, would have extended the contract three years
from January 1, 2004, and provided for work rule changes and wage
increases. No dates have been established at this time for a continuation
of negotiations.

Hollis Harris, World’s chairman and CEO, commented, “We were surprised and
disappointed that our pilots did not pass the tentative agreement.
However, we remain committed to reaching a mutually satisfactory agreement
that will allow us to continue with our plan of measured growth.”

Utilizing a well-maintained fleet of international range, widebody
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