Vanguard Airlines Implements One-for-Five Reverse Stock Split; Begins Trading Under Symbol `VGDA`

Kansas City, MO-Vanguard Airlines, Inc. (OTC Bulletin Board: VGDA) today begins trading under the symbol “VGDA” following a one-for-five reverse split of the company`s common stock. Vanguard`s common stock continues to trade on the OTC Bulletin Board. Each share traded under the symbol “VGDA” represents five shares traded prior to the reverse split, which was effective at 12:01 a.m. May 31, 2002.

Vanguard Airlines, Kansas City`s Hometown Airline, provides convenient all-jet service to 18 cities nationwide, including Seattle beginning June 3. The airline offers low fares with no advance-purchase requirements, advanced seat assignment and extra legroom on all flights with a fleet of nine Boeing MD-80-series aircraft featuring SkyBox? Business Class service and four Boeing 737s. For more information or to make reservations online, visit Vanguard`s Web site at