Kansas City, MO—Vanguard Airlines, Inc. (OTC: VNGDD, as of June 15, 1999, NASDAQ: VNGD) announced today that its Common Stock has been accepted by the Nasdaq SmallCap Market for listing effective June 15, 1999. In connection with the listing of its shares of Common Stock on the Nasdaq SmallCap Stock Market, the Company`s ticker symbol will return to VNGD.

Robert J. “Rocky” Spane, President and CEO of Vanguard said, “We are excited about our return to the Nasdaq SmallCap Market. The Company`s listing follows the successful completion of a reverse stock split and four consecutive quarters of operating profits. It is a high priority that the Company improve its liquidity for current and future Vanguard stockholders.”

Mr. Spane continued, “By July 15, 1999, with the introduction of service to Buffalo/Niagara Falls, we will be flying about 50% more capacity year-over-year. Furthermore, we are anticipating that 1999 will prove to be the most profitable year in the Company`s history.”

Vanguard, which began service in December 1994 and is headquartered in Kansas City, is a low-fare, passenger airline providing convenient, scheduled jet service. Vanguard serves the following ten cities: Atlanta, Buffalo/Niagara Falls (effective July 15, 1999), Chicago-Midway, Cincinnati, Dallas/Ft. Worth, Denver, Kansas City, Minneapolis/St. Paul, Myrtle Beach and Pittsburgh. The Company employs approximately 900 full-time equivalent employees and currently operates a fleet of eleven Boeing 737-200`s, with one more due for delivery in July 1999. The Company has also signed letters of intent for three replacement aircraft, with anticipated delivery dates in the second half of 1999. Vanguard reported its first-ever annual operating profit in 1998 and its fourth consecutive quarter of operating profits in the first quarter of 1999.

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